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The agreement is designed to align growth capital with national industrial priorities. (Image source: MoIAT)

The Ministry of Industry and Advanced Technology (MoIAT) and the Emirates Growth Fund (EGF) signed an MoU at Make it in the Emirates 2025, reaffirming their joint commitment to accelerating the UAE’s industrial development.

The agreement is designed to align growth capital with national industrial priorities by supporting high-potential, growth-stage SMEs in priority sectors such as manufacturing, food security, healthcare, and advanced technology.

The partnership supports the objectives of Operation 300bn, which is MoIAT’s national strategy to increase the industrial sector’s contribution to AED 300 billion by 2031. It leverages the impact of EGF, the country’s AED 1 billion growth equity platform backed by Emirates Development Bank (EDB).

The MoU outlines a framework for strategic collaboration across several key areas, including the joint development of a pipeline of SMEs seeking growth capital, coordination on marketing and outreach to identify opportunities for developing national champions, and alignment on policies to improve SME access to private capital markets.

The MoU was signed by H.E. Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, and H.E. Najla Al Midfa, Vice Chair and Managing Director of the Emirates Growth Fund. The signing was witnessed by H.E. Dr. Ahmad Belhoul Al Falasi, Minister of Sports and Chairman of the Emirates Growth Fund.

H.E. Omar Al Suwaidi said, “This MoU lays the foundation for deeper collaboration to unlock value across priority sectors and support the UAE’s economic transformation. EGF is a key partner in realising our national industrialisation vision.”

H.E. Najla Al Midfa said, “This partnership reflects a national ambition to build a stronger industrial future led by homegrown champions. EGF exists to back these businesses with more than capital: we offer partnership, guidance, and long-term belief in their potential.”

EGF was launched at Make it in the Emirates 2025 where fund leaders will also announce its first investment in the healthcare sector.

EGF aims to help bridge a AED7 billion funding gap for UAE-based SMEs that have moved beyond early-stage funding but require long-term, flexible capital to scale.

EGF said that it supports national champions in priority sectors and works in line with the objectives of Operation 300bn.

Jomy Joseph, the UL Solutions regions director spoke to Technical Review Middle East at Middle East Energy, which took place from 7-9 April in Dubai. Check out the full conversation here: 

Who is UL Solutions and what are the industries it serves?

The UL enterprise was founded in 1894 during the earliest days of electricity in Chicago, Illinois, and is today represented through UL Research Institutes, UL Standards & Engagement and UL Solutions. UL Solutions, a global leader in applied safety science, transforms safety, security and sustainability challenges into opportunities for customers in more than 110 countries.

UL Solutions delivers testing, inspection and certification services, together with software products and advisory offerings, that support our customers’ product innovation and business growth. The UL Mark serves as a recognised symbol of trust in our customers’ products and reflects an unwavering commitment to advancing our safety mission. In the MEA region, we have several sites serving local customers, including those in the UAE and Saudi Arabia. 

A fundamental pillar of the conference is the energy transition, which is, of course, also integral to your own company. Can you provide insights into how you are supporting customers through the energy transition?

Technology fostering decarbonisation is advancing dramatically, but so are safety and security threats that can jeopardize people and property, data protection, and more. To overcome these issues, producers of green energy and manufacturers of transformative green technology must demonstrate compliance with safety and sustainability standards and anticipate rapid changes in regulatory requirements.

During COP28, the UAE emphasised the importance of fast-tracking an organised global energy transition and achieving greater renewable energy capacity by 2030, largely driven by solar photovoltaic expansion. The UAE has announced plans to invest US$54bn to meet sustainable energy demands in support of reaching its net zero target by 2050. According to its minister of energy, Saudi Arabia aims to add 20 GW of renewable energy annually to reach 130 GW by 2030.

UL Solutions offers customers peerless regulatory understanding and technology-forward services in cutting-edge laboratories around the world. For instance, we have been enhancing our global electric vehicle charging, battery, energy storage and hydrogen testing capabilities, including localising capabilities for switchgear and cable testing in the UAE and renewables in KSA. This massive expansion is also driving demand for our grid advisory services to address integration and cybersecurity for the increasingly smart and connected nature of the grid.

Energy transition is happening at an unprecedented rate, spurred on by technological advances, shareholder/consumer demand, regulatory changes and global government investment. To select, install and integrate electrification technology optimally, what should companies in key industries consider to take advantage of business opportunities?

As the energy transition progresses, some factors for companies to consider are the role of de-risking innovation, compliance with regulations and enhancing sustainable policies that support circular economy practices.

The transition to clean energy technologies is being accomplished through significant innovation. However, promoting methods to secure the benefits while limiting exposure to established and emerging risks is critical for practical success. In the increasingly interconnected energy infrastructure, this demands the expert application of safety science to mitigate risks, demonstrate interoperability and grid compatibility, and limit the threat of cyberattacks. It also requires that cutting-edge sustainability practices be applied to the new energy solutions deploying on a massive scale to accomplish both our short-term energy transition goals and long-term sustainability goals.

Find out more: Energy Transition and Innovations | UL Solutions

The exhibition floor also saw notable product launches. (Image source: Informa)

The 49th edition of Middle East Energy wrapped up at Dubai World Trade Centre under the patronage of the UAE Ministry of Energy and Infrastructure, reinforcing its status as the region’s largest and most influential energy exhibition.

This year’s event saw the introduction of the Africa Business Leaders Forum, where policymakers, financiers, and sector experts examined investment challenges and opportunities, with a particular focus on fostering stronger cooperation between Africa and the Middle East. Discussions centred on unlocking energy investment in Africa through innovative financial models and strategic partnerships.

The session was moderated by Anna Hajduk of African GreenCo Group and opened with remarks from Ahmed Al Mulla, Executive Vice President of Infinity Power, who underscored the continent’s abundant solar and hydropower potential, noting that more than 600 million people in Africa still lack access to electricity due to limited infrastructure.

Morocco’s renewable energy transition was spotlighted as a case study, with Fatima Zahra Khalifa, General Manager of Cluster ENR at the Climate Innovation Centre Morocco, highlighting the ambitious Xlinks project. The initiative aims to generate 10 GW of renewable energy in Morocco and export it to the United Kingdom.

The exhibition floor also saw notable product launches, including Kirloskar Oil Engines Ltd’s Optiprime dual-core generator (1,000 kVA), the smallest model in its category, and the compact Sentinel series for smaller-scale applications.

Reflecting on the show’s success, Mark Ring, Energy Exhibitions Director at Informa Markets, described it as the largest and most productive edition to date, marked by record attendance, major innovations, and the debut of the Battery Show – a feature expected to grow in the 2026 edition.

DEWA's contributions

At the opening ceremony, DEWA CEO HE Saeed Mohammed Al Tayer delivered an address highlighting the UAE's transformative commitment to sustainable energy and climate action.

At the core of his speech was the nation's ambitious vision to revolutionise its energy landscape by transitioning to cleaner, more sustainable power sources.

The speech emphasised the UAE's strategic approach to energy transformation, driven by the leadership of Sheikh Mohammed bin Zayed Al Nahyan and Sheikh Mohammed bin Rashid Al Maktoum. Currently, the UAE has already established 6 GW of renewable energy and 5.6 GW of nuclear power, with a bold target to reach 20 GW of green energy by 2030.

Key highlights include the UAE's Energy Strategy 2050, which sets aggressive targets for renewable capacity, energy efficiency, and clean energy integration. The strategy aims to increase clean energy's share in the total energy mix to 30% by 2030 and reduce carbon emissions significantly.

At The Battery Show, Dr. Marek Kubik, director of battery energy storage systems (BESS) at Enowa.Neom, delivered a groundbreaking presentation revealing the explosive growth of energy storage in the Middle East.

Kubik’s insights paint a picture of a region on the cusp of a renewable energy revolution, saying that the Middle East could be the third largest storage market in the world by 2026.

Dr. Marek Kubik, director of BESS at Enowa.Neom

Dr. Marek Kubik, director of battery energy storage systems (BESS) at Enowa.Neom, delivered a groundbreaking presentation revealing the explosive growth of energy storage in the Middle East.

The presentation was delivered at The Battery Show in Dubai, co-located with Middle East Energy last week. It took place from 7-9 April at the Dubai World Trade Centre.

Kubik’s insights paint a picture of a region on the cusp of a renewable energy revolution, saying that the Middle East could be the third largest storage market in the world by 2026. 

Kubik began by introducing Neom, a visionary economic development project in northwestern Saudi Arabia spanning an area comparable to Belgium.

"Neom is not a giga-project or a city," he emphasised, "it's an economy building exercise."

The region aims to accommodate Saudi Arabia's young population, with 70% under 30 years old, and create a sustainable future powered entirely by renewable energy.

Trends in battery technology and cost reductions

The presentation highlighted remarkable trends in battery technology. Kubik explained how battery costs have plummeted, with cell prices dropping to around US$40-US$50 per KWh.

"Unlike conventional energy infrastructure, batteries are electrochemistry," he noted, "which means very steep learning rates similar to solar technology."

Most striking were the energy storage project developments in the region. Kubik revealed that contrary to global forecasts, the Middle East is rapidly becoming a major player in battery storage.

Future projections and use cases for Neom

He showcased several significant projects, including a 19 GWh installation in the UAE and Saudi Electric Company's 2.6 GW battery project - currently the world's largest single-phase battery installation.

He also highlighted Red Sea Global’s projects in Saudi Arabia, stating, “This is actually a collection of best projects that are operational, and there are six sub clusters.”

"Just take the projects in the MENA region," Kubik stated, "and you can see it's already jumping to number three globally."

His bottom-up analysis suggests the region's energy storage capacity is significantly underestimated by current forecasts.

A key innovation Kubik highlighted is Neom's approach to grid design.

By integrating renewable generation with battery storage, they can dramatically reduce transmission infrastructure.

"Instead of building a 6 GW transmission line, we can build a 2 GW line," he explained, demonstrating substantial cost and infrastructure savings.

The presentation concluded with a powerful message about the future of energy storage.

With rapidly improving battery technology, longer duration systems becoming economically viable, and massive regional investments, the Middle East is positioning itself as a global leader in renewable energy transformation.

Kubik's insights reveal a region not just adapting to the renewable energy revolution, but actively driving it forward, with battery storage playing a pivotal role in this sustainable future.

Ilya Likhov, founder and CEO of Neo Sun Energy

In the rapidly evolving landscape of renewable energy, Ilya Likhov, founder and CEO of Neosun Energy, is pioneering transformative solutions that are reshaping how remote and developing regions access electricity.

In a conversation with Technical Review Middle East at the Middle East Energy exhibition, Likhov highlighted the company's innovative approach to energy challenges.

"Microgrids are the best solution for territories without existing infrastructure," Likhov said.

The core of Neosun Energy's strategy lies in addressing critical infrastructure challenges in regions lacking traditional power transmission networks.

"Most remote areas don't have access to electricity because it's very costly and expensive to build transmission lines," Likhov said.

The solution? Deploying hybrid energy systems that combine solar power with advanced storage technologies.

Middle East growth

Solar energy is the cornerstone of their approach. "You are lucky," Likhov noted about the Middle East, "You have so much sun here, making it easy to use solar power stations that dramatically reduce operational costs."

This approach is particularly attractive to emerging businesses, with solar investments offering remarkable financial benefits. "The average time of return on investment for solar is around one to three years, meaning your internal rate of return will be 35-30% in most scenarios," he added.

The company's innovation extends beyond stationary power systems. A breakthrough project is their solar carport solution for electric vehicle charging.

"Today, it's impossible to move between cities like Dubai and Riyadh due to lack of charging infrastructure," Likhov said.

Their solution involves solar carports that can charge electric vehicles directly from sunlight, potentially creating the first fully covered charging network in the GCC region.

"We can charge electric vehicles directly from the sun," Likhov explained with excitement. "We believe within the next two or three years, we can build a comprehensive network here" – a bold vision that could revolutionise electric mobility in the Middle East.

Operating across 16 countries, Neosun Energy has proven the universal applicability of their approach. "Our hybrid solution based on solar energy and battery storage can work anywhere in the world – even in Antarctica," Likhov said.

The company's broader mission goes beyond technology.

"We're very proud to be here," Likhov said, "and I see huge potential in the Middle East." This sentiment reflects a commitment to driving sustainable development through innovative energy solutions.

As the world transitions towards cleaner energy, Ilya Likhov and Neosun Energy stand at the forefront of this transformation.

"We're not just providing power," the CEO concluded, "we're empowering communities and changing how the world thinks about energy."

With their groundbreaking approach, Neosun Energy is turning the sun's abundant energy into a powerful tool for sustainable development, one microgrid at a time.

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