First purpose built, commercial Biodiesel production facility in GCC - pioneering development of clean, renewable, alternative energy.
Dubai: Alf Yad Limited LLC, a Dubai based venture capital fund today announced a venture capital investment in EmBio; positioned to become producer of the first constant supply of high grade Biodiesel in the United Arab Emirates and the Gulf Cooperation Council. EmBio was conceptualized and originated by the founders of UAE-based Ecobility Energy Solutions (Ecobility), a company dedicated to catalyzing change in the field of private sector sustainable development across three verticals; renewable energy, resource conservation and sustainable buildings. Daman Investments is manager of the fund.
Biodiesel is a non-petroleum fuel that possesses virtually the same properties as petroleum Diesel yet is both; clean burning and renewable. It is the only alternative fuel that has gained wide spread acceptance from the automobile industry. Biodiesel can be produced from a variety of organic sources such as vegetable oils, inedible oils and other biomass. Biodiesel is extremely practical as a blending agent and has become a valuable contributor to global initiatives attempting to enhance sustainability and reduce greenhouse gas emissions.
When asked to comment on the project, CEO of Daman Investments, Shehab Gargash said: "Alf Yad sees tremendous potential in the renewable energy sector and EmBio is a partner that we are sure will successfully deliver the first of its kind production facility in the GCC. In addition to commercial considerations, EmBio represents the best and highest purpose for which Alf Yad was formed - to assist the development of serious, commercial ventures based here in the region - ventures that will be capable of competing on a global scale. Founded by two young Arab entrepreneurs who left their highly successful and well established professional careers to develop proprietary sustainability projects in the region, we believe EmBio represents a real achievement in local sustainable development."
Ecobility founders Karim Aly and Wadah Abusin were present at the press conference and when queried about the reasons behind developing such a unique venture, Mr. Aly said: "We are confident in both the nature and timing of EmBio - the need for a functional non-fossil fuel alternative has now become more evident than ever. Generally speaking, Biodiesel is highly complimentary to a holistic sustainable energy strategy as it concentrates on displacing liquid petroleum fuels while other renewable energy sources such as solar and wind focus predominantly on power generation."
Mr. Abusin added: "Here in the GCC, as in the rest of the world, we are faced with surging energy demand and growing pressure on the environment. It was clear that the need for sustainable development is critical to a prosperous future for the UAE and the region. The majority of the infrastructure underlying the region's economic growth is Diesel-powered. Given the difficulty of making immediate major cuts to fuel subsidies, the GCC states are rapidly exploring ways to make greater use of alternative energy to meet the growing domestic demand - EmBio therefore, presents a truly viable solution."
Commenting on the choice of EmBio as a venture capital initiative for Alf Yad, Chief Operating Officer Mrs. Nadimeh Mehra said: "We are very proud to partner with EmBio in this exceptional venture. This is clearly one of the fastest growing alternative energy sectors and The United Arab Emirates is very well-positioned to take advantage of this trend due to a number of local factors including strong economic growth, large carbon footprint per capita, increasing federal support and the recent introduction of several ambitious sustainability plans. Apart from its obvious potential as a high return investment - we are convinced that this project has the added benefit of enormous social value for every citizen in the GCC which cannot be purely quantified in economic terms."
The EmBio facility is due to be fully commissioned in the first half of 2009. It will use inedible oils as feedstock in the production of commercial grade Biodiesel primarily targeted to the construction, shipping, and transportation logistics sectors.
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About Daman Investments PSC (www.daman.ae)
Daman Investments PSC is a private joint stock company based in Dubai and capitalized at AED 200 million. From its early beginnings in 1998, the group has grown rapidly into a non-bank financial services company now widely recognized as an authority in its core markets, the Gulf Cooperation Council and Iraq.
Known for offering innovative investment products and services to both regional and international clients, Daman provides investment management and development capital investment opportunities as well as domestic and regional brokerage operations through its subsidiaries. Daman is committed to the principles of ethical business practice and operational transparency. All of Daman's various operations are regulated by the United Arab Emirates Central Bank, the Emirates Securities and Commodities Authority (ESCA) and the Dubai Financial Services Authority (DFSA). Daman is well positioned for its clients as their gateway to the new Arab World economy.
About Alf Yad (www.alfyad.ae)
Alf Yad, is the first venture capital management company of its kind to be launched in the Middle East. With a unique focus of utilizing Arab businesses as a platform to maximize investor returns, Alf Yad will not only profit from the new Arab Economy but contribute to it as well. The Alf Yad initiative consists of 10 venture capital funds that will be launched in succession. Bringing investors and Arab businesses together, Alf Yad directly focuses on becoming part of the new Arab economy by directing its investments to the Arab World, which will result in returns for its limited partners while contributing to the overall Arab economy.
About Emirates Biodiesel LLC (EmBio) (www.embio.ae)
EmBio was established in 2008 by the founders of UAE-based Ecobility Energy Solutions LLC (Ecobility), a company dedicated to catalyzing change in the field of private-sector sustainable development.
EmBio is poised to become the producer of the first commercial supply of high grade Biodiesel in the United Arab Emirates and the Gulf Cooperation Council. Biodiesel, which is clean burning and renewable, is the commercial name of an oleochemical possessing virtually the same properties as petroleum Diesel. It can be blended with petroleum Diesel in varying concentrations to reduce toxic emissions and improve engine performance. As a non-petroleum fuel, it has become a valuable contributor to global initiatives attempting to reduce greenhouse gas emissions.
The EmBio facility is due to be fully commissioned in the first half of 2009 and will use inedible oils as feedstock to drive its operations.
© Press Release 2008
