UAE aims to balance its diversification books

The UAE's ambitious plans to sustain its petrodollars while evolving as a green pioneer will not come cheap. Is the capital available?

The UAE is attempting to craft a new energy identity for the first time since the discovery of oil in 1958. Its focus on gas and renewables is more in step with the global energy transition. But it is also keen to maximise oil production. The UAE Energy Strategy 2050 targets an energy mix of 44pc clean energy, 38pc gas, 12pc ‘clean’ coal and 6pc nuclear. Simultaneously, the national oil company (NOC) Adnoc plans to increase oil production capacity from 3.5mn bl/d at the end of this year to 4mn bl/d by the end of 2020 and 5mn bl/d by 2030—14pc and 43pc rises respectively. The UAE government has allocated over $163bn by 2050 to meet growing energy demand. Private sector funds are also integr