BlackRock invests up to $400 million in Dubai’s Positive Zero
Positive Zero, a decarbonisation firm based in Dubai, declared on Monday that it is set to receive an investment of $400 million from BlackRock, an international investment company headquartered in the United States.
This investment is expected to support Positive Zero’s efforts to promote energy transition projects in the Gulf countries through a diversified infrastructure fund.
Positive Zero was founded by climate investment firm Creek Capital in late 2017 in conjunction with the UN COP27 summit in Egypt.
The establishment involved the merger of Siraj Power, a solar firm; Taka Solutions, a company offering energy efficiency services; and HYPR Energy, a business providing on-demand battery services.
Creek Capital’s chairman, Mohammed Abdulghaffar Hussain, said the investment aims to help achieve the COP28 summit’s goal. The UAE set a target to increase renewable energy capacity by three times by 2030.
Ed Winter, BlackRock’s head of APAC and the Middle East for diversified infrastructure, said in a statement issued by Positive Zero that Positive Zero is strategically placed to capitalise on tailwinds driven by the ambitious economic expansion and energy transition goals outlined by the United Arab Emirates and other Gulf countries.
