UAE, Middle East businesses sign $149.7mln solar contracts with Korean firms

Deals highlight huge potential for clean, renewable energy market in region

  
Aerial view of solar power station and solar energy panels. Image used for illustrative purpose.

Aerial view of solar power station and solar energy panels. Image used for illustrative purpose.

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Korean companies have recently secured multiple solar contracts from UAE and Middle East businesses for a combined value of 550 million UAE dirhams ($149.7 million). 

The deals were signed during the recently concluded Korea Energy Week UAE, a networking event for businesses in the energy sector, according to a statement released on Monday.  

The switch to clean and renewable energy has been gaining attention in the region amid efforts to combat climate change.   

Last week, the UAE announced that it will invest more than 600 billion UAE dirhams in clean and renewable energy over the next several years to achieve net-zero emissions by 2050. 

At the Korean Energy Week UAE, organisers logged more than 19 memorandum of agreements (MoUs) so far, indicating that there’s a growing potential in the Middle East and North Africa (MENA) for companies providing solar services and products. 

Details of the contracts were not disclosed but the total value of the deals could be bigger, as discussions are still ongoing between solar companies and UAE partners. 

“The size of the contracts could be bigger as negotiations between Korean solar companies and potential UAE partners are yet to conclude,” said Jeen Joshua, director of Verifair, which organised the event. 

“The show’s success endorses the robust market for solar products and services in the UAE and the [MENA] market, where investments could reach reportedly $182.3 billion by 2025,” said Chulwon Im, president of Energy Valley Enterprise Development Institute (EVEDI), Korea, one of the organisers of the event. 

(Writing by Cleofe Maceda; editing by Mily Chakrabarty) 

Cleofe.maceda@refinitiv.com 

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