April 14 2020
There is no doubt that Dubai is one of the leading oil and gas business zones around the world. Recently, the oil-rich United Arab Emirates has strongly reflected its interest in renewable energy, says the famous serial entrepreneur, Sheikh Umar Farooq Zahoor. He also mentioned how the UAE is planning to drive annual savings of USD 1.9 billion by 2030 by ramping up to 10% of the country’s total energy mix & 25% of total power generation. This will be made possible by avoiding the consumption of fossil fuel and lowering the energy cost, said, Umar Farooq Zahoor.
Sheikh Umar Farooq Zahoor also pointed to the report generated by the International Renewable Agency, the UAE-based Masdar Institute, and UAE Ministry of Foreign Affairs’ Directorate of Energy & Climate Change, which states that this change is a part of REmap 2030, IRENA’s roadmap.
While discussing this coming soon change, Sheikh Umar Farooq Zahoor also mentioned that the regular spike in the natural gas prices in UAE & falling technology cost for solar PV (Photovoltaic) has made the renewables one of the most competitive options for the power generation in UAE. In the coming few years, this industry will blossom into something gigantic, making it the right investment option for the businessmen.
Adding to all this, Umar Farooq Zahoor also mentioned how wind power and waste-to-energy conversion have also become one of the contributing factors to accelerate renewable energy deployment in Abu Dhabi, Dubai and the rest of the Emirates.
Who Is Sheikh Umar Farooq Zahoor?
Sheikh Umar Farooq Zahoor, a famous businessman and an inspirational entrepreneur are one known for his interests in the oil & gas industry among others. He is known for his strong point of view on the increasing need for renewable energy. Being recognized as one of the youngest Pakistani Billionaire businessmen, he has become an inspiration for all. His time at AERP Group as a Director also opened up several opportunities for them making them billions of dollars. His connections with the Dubai Ministry has led him to get a very close perspective on the economy. Saying this, his interest in oil, gas, and energy field has also made him work hand in hand with the leading personalities.