Sharjah environment sector seen at USD 272m in 2016 - study

Oct 22, 2014 - Sharjah's environment market, which includes renewable energy, waste management and energy efficiency, is expected to expand to AED 1 billion (USD 272m/EUR 214m) in 2016 from AED 780 million currently.

The 15% increase will come as a result of eco-tourism projects in progress and other factors, according to a study by the Sharjah Investment and Development Authority (Shurooq). To further expand the environment segment, the emirate’s government is betting on foreign direct investment into solar power and water desalination projects, the Emirates News Agency (WAM) said Tuesday, citing Shurooq’s chief executive Marwan bin Jassim Al Sarkal.

Sharjah is one of the emirates of the United Arab Emirates (UAE) which in turn is seen as a renewable energy leader in the Gulf region. The UAE market potential is estimated to hit AED 183 billion by the end of the decade, Al Sarkal was quoted as saying. Solar power, in particular, is seen as the best green investment choice for both the UAE and Sharjah.

By 2020 the UAE aims to lure AED 367 billion of investments in renewable energy projects, biofuels, urban development projects and wastewater recycling, Al Sarkal added.

(AED 1 = USD 0.272/EUR 0.214)

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