The Abu Dhabi Department of Economic Development (ADDED) declared on Monday that it has signed a memorandum of understanding (MoU) with the HYCAP group to set up a renewable industrial complex in the UAE.
The department announced that the agreement’s goal was to advance green hydrogen development, including its production, storage, and transfer, boosting Abu Dhabi’s leadership in sustainability, and aligning with the UAE’s 2050 climate neutrality strategy and national hydrogen strategy.
This initiative will attract more industrial companies, enhance sector value chains, and contribute to the growth of Abu Dhabi’s sustainable industrial sector, aligning with the emirate’s industrial strategy to develop value chains in targeted sectors.
Executive Director of the industrial development bureau (IDB), Engr. Arafat Al Yafei, stated that the Abu Dhabi Industrial Strategy (ADIS) was directing their efforts to speed up the industrial sector’s growth and its shift to Industry 4.0 practices, with a focus on sustainability and human development.
“The strong performance of the industrial sector in 2023 reflects the continued success of ADIS initiatives, as the sector now contributes over 17% to Abu Dhabi’s non-oil GDP and 9% to the overall GDP,” Al Yafei added.
