United Arab Emirates joins the International Renewable Energy Agency as a founding member

Abu Dhabi, January 26, 2009 - H.H. Sheikh Abdullah Bin Zayed Al Nahyan, The Minister of Foreign Affairs for the United Arab Emirates (UAE) has today signed the statute that establishes the International Renewable Energy Agency (IRENA).

During a speech delivered at the Founding Conference, in Bonn, The Minister of Foreign Affairs outlined the bold steps being taken in Abu Dhabi to support and nurture the renewable energy sector. Last week, the Government announced a renewable energy target of 7%. In addition, The Minister described how the Abu Dhabi Government had created Masdar to drive forward the development, deployment and adoption of renewable energy around the world through investment, research and partnerships.

"We believe that renewable energy is crucial to the world's future prosperity," said H.H. Sheikh Abdullah Bin Zayed Al Nahyan, "The UAE in  pursuing the Masdar Initiative, believes it can contribute significantly in providing comprehensive solutions in what should be a collective global endeavor. It is important that the world community works together to develop a consistent set of policies and frameworks that will encourage growth and rapid deployment on a large scale. The UAE's contribution to IRENA will be to leverage our deep energy expertise and existing commitment to the sector."

The Minister praised the bold steps taken by Germany, Spain and Denmark to develop IRENA by saying "The leaders of these Governments understand the importance of renewable energy, and bring a serious and strategic intent to the table."

The Foreign Minister led a large delegation that included Dr. Sultan Al Jaber, chief executive officer, Masdar. Masdar will provide operational support to the development of IRENA and last week hosted the World Future Energy Summit in Abu Dhabi at which 16,427 people attended to discuss the solutions required for the future of clean, safe and secure energy.

During his speech The Minister announced that Abu Dhabi, the capital of the UAE, would proactively pursue the opportunity to host the HQ in Abu Dhabi and in particular within Masdar City, the world's first carbon neutral, zero waste City, fully powered by renewable energy. Masdar City intends to become a global hub for renewable energy research, commerce and debate. Already the City has attracted General Electric as its first major tenant and partner, and will eventually create 50,000 green collar jobs entirely focused on renewable energy and sustainability.

"The Abu Dhabi leadership formed Masdar because they saw that the renewable energy sector was suffering from fragmentation and a lack of willing partners focusing on the long term goal," said Dr. Sultan Al Jaber. "IRENA is exactly what the world needs to drive forward the sector, but, we must ensure that it is a place of action."

Masdar has projects, partnerships and investments in Germany, Spain, Finland, United Kingdom, Japan, Nigeria, Seychelles, Australia, United States, Bahrain, and many others. This global experience in the renewable energy sector provides Masdar with a deep understanding to help ensure the development of IRENA is focused on two crucial areas; accelerating the large scale deployment of renewable energy around the world, and creating the economic, environmental, educational, and political conditions that the sector requires.

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About Masdar
Masdar is Abu Dhabi's multi-faceted initiative advancing the development, commercialisation and deployment of renewable and alternative energy technologies and solutions. Masdar is driven by the Abu Dhabi Future Energy Company (ADFEC), a wholly owned company of the government of Abu Dhabi through the Mubadala Development Company.

For more information about the Masdar Initiative, please visit www.masdaruae.com.

© Press Release 2009 from ASDA'A Public Relations