The UAE’s state-owned sovereign wealth fund Mubadala Investment Company, the Abu Dhabi National Oil Company (ADNOC) and ADQ have entered into a Memorandum of Understanding to establish the Abu Dhabi Hydrogen Alliance in line with the emirate’s goal to develop a substantial green hydrogen economy.
The three companies will also come together on their approach to hit international markets with projects developed under the Alliance to place the emirate as a reliable and secure supplier of hydrogen to customers globally, as demand grows. The partnership further aims to establish Abu Dhabi as a trusted leader of low-carbon green and blue hydrogen in emerging international markets.
In a joint statement, the companies stated that the Alliance will map out the strategies to boost the UAE’s adoption and use of hydrogen in major sectors like utilities, mobility and industry, through their respective operating companies and with international partners.
The MoU was signed by Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Group CEO of ADNOC, Khaldoon Khalifa Al Mubarak, MD and group CEO of Mubadala Investment Company, and Mohamed Hassan Alsuwaidi, CEO of ADQ, during a virtual ceremony.
“The Alliance integrates our complementary strengths as industrial, energy and financial leaders to address the global challenge of meeting energy demand while reducing emissions. In addition, this alliance will build on Abu Dhabi and the UAE’s global energy leadership and position as the center of gravity for energy innovation. While we explore green hydrogen opportunities through the Alliance, ADNOC will place special emphasis on pursuing blue hydrogen projects by expanding on its existing hydrogen capacity, leveraging its significant gas reserves and best-in-class infrastructure.”
“Our engagement with ADNOC and ADQ is an important step in the establishment of the UAE’s hydrogen economy, and to align on technology, investment, the development of the domestic market and our approach to international partners and off-takers,” Al Mubarak added.
The Abu Dhabi Hydrogen Alliance has a highly crucial role in developing the hydrogen energy economy in the UAE enabling it to meet the fastest growing global demand for hydrogen worldwide.
With the emirate’s large portfolio of energy and utility investments, ADQ would have an important part in the transition to cleaner energy while molding the future of this economic cluster leading to Abu Dhabi’s longer-term sustainability.
“ADQ looks forward to working with ADNOC and Mubadala in defining the agenda for the Alliance. The scale of resources and experience each company brings to the new Alliance positions Abu Dhabi for accelerated growth in the hydrogen energy field, ultimately supporting the realization of the UAE’s decarbonization objectives,” says Alsuwaidi.