Setting up a renewable energy business in the UAE
With the aim of generating almost half of the country’s energy from renewable resources by 2050, the UAE is planning to invest in renewable energy companies and projects to the tune of $163 billion. With considerable solar power potential, the future has never looked brighter, and the UAE is an attractive place for companies interested in setting up a renewable energy business.
Solar energy is a hot topic
The UAE’s first solar photovoltaic panel factory opened in Dubai Freezone, a result of a $5 million investment, and is already running at full capacity to meet the booming demand for rooftop solar panels across the region and Europe. With considerable solar power potential, and demand increasing in line with population, there are many companies now looking at how to set up in the renewable energy sector in the UAE.
In September 2017 an AED14.2billion project to build a concentrated solar power (CSP) plant in Dubai was announced, which is expected to generate 700MW of power, and include the world’s tallest solar tower, standing at an impressive 260 metres high.
Meanwhile in Abu Dhabi the world’s largest solar power plant is slated to open in 2019, generating 1,177MW of electricity, enough to supply hundreds of thousands of homes, a contract worth $870 million.
With groundbreaking solar energy projects already underway, there are many opportunities within the UAE and the region for entrepreneurial companies looking to grow their business within the region.
Setting up a Renewable Energy business, Abu Dhabi, Dubai and the UAE
Many companies visiting the UAE for the World Future Energy Summit are looking at how to invest in the renewable energy sector. Alongside the obvious opportunities for energy production, there is a growing demand for services supporting the infrastructure, including engineering, IT, and professional services. The process for setting up a company in Abu Dhabi, Dubai and the UAE will usually follow the same steps:
Step 1: Determine the legal form of the new business Step 2: Register the trading name Step 3: Arrange an office lease Step 4: Apply for a trade licence and approvals from regulatory bodies Step 5: Obtain the relevant Department of Economic Development (DED) Trade Licence Step 6: Register the new Company with the Labour and Immigration Departments Step 7: Open a business bank account Step 8: Recruit and apply for employee visas
In addition, individuals wishing to work within the renewable energy sector as a Solar or PhotoVoltaic Consultant or Contractor must also register with Dubai Electric and Water Authority (DEWA), and complete a 5 day training programme to demonstrate competence and safety awareness.
The process of setting up a renewable energy company in Abu Dhabi is arguably complex, and as such it is advisable to seek professional advice. PRO Partner Group is experienced at guiding companies through the required procedure to complete their classification, so that they are ready to operate safely and legally as quickly as possible.
PRO Partner Group specialises in the formation of companies in the UAE. For further information on how PRO Partner Group can assist with establishment and approval process of your company within the renewables sector, please contact James on firstname.lastname@example.org or call a member of the team on:
+971 (0)4 456 1761 (Dubai) +971 (0)2 448 5120 (Abu Dhabi) www.propartnergroup.com