The Abu Dhabi Investment Office (ADIO) has entered into a partnership with Germany-based leading energy technology firm Siemens Energy in order to accelerate the journey to net zero in the UAE and globally.
Under the partnership, Siemens Energy will receive support to set up its Middle East Innovation Center in Abu Dhabi, as part of ADIO’s $545 million (AED 2 billion) worth Innovation Program that creates growth opportunities for businesses in the emirate.
“Siemens Energy chose Abu Dhabi for its Middle East Innovation Center because of the emirate’s efforts to decarbonize the economy, become a global hub for green energy and grow the knowledge ecosystem,” according to the statement.
The Innovation Centre will contribute to the UAE’s goals of generating 50GW of renewable energy by 2050 and becoming a global energy center of excellence.
“As the UAE makes strides toward our net zero goal, we are prioritizing the development of pioneering technologies to meet the demand for sustainable energy. The partnership between ADIO and Siemens Energy will enrich the energy technology ecosystem with the introduction of new ideas and solutions that open pathways for the global energy transition. ADIO will continue to partner with innovation-driven companies in high-impact sectors to help them reach the next stage of their growth.”
The Innovation Center will act as an incubator for new startups and technologies, bringing together customers, industrial partners, academia, and research centers to accelerate the commercialization of innovative solutions driving the energy transition.
Further, ADIO’s Innovation Program will provide financial and non-financial incentives to Siemens Energy to establish its new Middle East Customer Innovation Centre in Abu Dhabi.
Mr. Dietmar Siersdorfer, Managing Director UAE and the Middle East at Siemens Energy, said that, “To accelerate decarbonization and reach net zero faster, we need to leverage partnership and innovation.”
“As one of four globally, this Siemens Energy Innovation Centre in Abu Dhabi, in collaboration with ADIO, will enable us to leverage the rich industrial ecosystem in Abu Dhabi, and work with startups, academia as well as public and private companies to develop and commercialize new technologies that will make a meaningful impact on carbon reduction,” added Mr. Siersdorfer.