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UAE to invest $163 bn to diversify energy


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The United Arab Emirates announced Tuesday plans to invest 600 billion dirhams ($163 billion) in projects to generate almost half the country's power needs from renewables. "Our aim is to balance our economic needs with our environmental goals," Prime Minister Sheikh Mohammed bin Rashid al-Maktoum said on Twitter as the Gulf state unveiled its "Energy Strategy 2050". The UAE is a top oil exporter, but has taken steps to reduce its dependency on fossil fuels to generate power, including building nuclear facilities.

 

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