Ahmed Bin Sulayem

Charged Up: How Israel and the UAE can drive global energy solutions together

As the Middle East increases its focus on the energy sector, the UAE Energy Strategy 2050, aims to triple renewable energy contributions and invest Dh150 to Dh200 billion by 2030 to meet surging energy demands driven by the rapidly growing economy. Energy is yet another area where the UAE and Israel can work together as Israeli start-ups are taking the lead on solving some of today’s most pressing energy issues.

The energy sector within DMCC has surged ahead of all other sectors, showcasing remarkable growth rates and attracting a diverse array of industry giants. Our members in the sector have demonstrated consistent growth, averaging a remarkable 15 percent year-on-year increase for the past five years. However, the pinnacle of this growth was witnessed this year, with an astounding 250 new companies joining the energy sector in just the first quarter. Today, we have 3,053 companies in the sector based in DMCC, accounting for 13 percent. This roster boasts influential players such as Aramco, Total Group, Sinopec, Reliance, and Trafigura, among others.

The scope of DMCC’s energy trade spans a diverse spectrum of products, encompassing both traditional and renewable energy sources. This encompasses crude oil, natural gas, solar panels, wind turbines, geothermal systems, biofuels, hydrogen and various energy solutions. As part of DMCC’s ecosystem for energy companies, it houses an Energy Club, a dynamic industry network that provides professionals for networking, accessing practical guidance and providing market insight.

Israel is known worldwide for its technological prowess and start-up culture and has been a leading player in innovating the energy sector. According to Start-Up Nation Central’s “2023 Israeli EnergyTech sector map,” there are more than 230 innovative companies in Israel that are developing technologies in energy production, energy distribution, energy storage, hydrogen solutions, waste-to-energy, carbon capture, and companies that offer OT cyber security solutions for energy-specific applications. The organization highlighted that they believe that the EnergyTech sector is experiencing the most significant growth potential in the Israeli ecosystem.

The energy sector is one of the world’s fastest-growing tech verticals, particularly given the global challenges and growing need to reduce total emissions. With around 70 percent of global greenhouse gas emissions attributed to the energy sector, innovation directed at reducing this impact is critical to achieving net zero.

One of the most exciting areas of innovation in the Israeli EnergyTech ecosystem is hydrogen. Considered by many as a silver bullet to drive the transition to a low-carbon economy, Israeli startups are developing a range of solutions to produce, store and transport hydrogen more efficiently.

Imagine what we can do if the energy sector in the UAE and Israel come together to work on this. Energy stands as the foremost commodity sector at DMCC, experiencing rapid growth this year and is experiencing growth in Israel. To innovate this sector, we need to work together and we need access to global markets in order to make a greater impact. DMCC’s energy ecosystem provides this as it offers Israeli companies quick access to others in the space who hail from all over the world and have their Dubai offices located within the Free Zone, access to talent and can serve as your gateway to the global marketplace.

About the Author
Ahmed Bin Sulayem is the Executive Chairman and Chief Executive Officer of the Dubai Multi Commodities Centre and has driven its growth from a start-up of 28 member companies in 2003 to the world’s leading free zone in 2023 with over 23,000 member companies from 180 countries, employing over 65,000 people. Mr. Bin Sulayem currently serves as the Chairman of the Dubai Diamond Exchange (DDE) and the Dubai Gold & Commodities Exchange (DGCX).
Related Topics
Related Posts