Dubal Holding buys key stake in top UAE biodiesel group BioD
DUBAI, July 9, 2024
Dubal Holding, the investment arm of the Dubai government in the commodities and mining, power and energy, and industrial sectors, has entered into a strategic deal with BiOD, the UAE's largest biodiesel manufacturer, to acquire a majority stake in the company.
This strategic partnership is set to propel the UAE’s position in the global green economy, reinforcing both companies’ dedication to environmental sustainability and innovation in the energy sector.
BiOD, the UAE's and the GCC’s largest biodiesel manufacturer, is renowned for its pioneering work in transforming used cooking oils (UCO) and palm oil mill effluent (POME) into clean biodiesel.
As the operator of the GCC region’s only second-generation biodiesel plant, BiOD stands at the forefront of technological innovation in renewable energy, showcasing its commitment to the circular economy and reducing greenhouse gas emissions by 84 per cent, as verified by its ISCC certification.
Announcing the strategic move, Dubal Holding, a sovereign wealth fund with a focus on sustainable and green investments, said this investment underscores its commitment to fostering a sustainable future and supports Dubai’s vision for a green economy.
"This partnership with BiOD aligns perfectly with Dubal Holding’s strategic objectives of investing in environmentally responsible and innovative businesses," remarked Ahmad bin Fahad, CEO of Dubal Holding.
According to him, it marks a significant milestone in the pursuit of sustainability and innovation in the energy sector.
It not only highlights the UAE’s leadership in green technology but also sets a powerful example of how strategic partnerships can drive substantial progress towards a cleaner, more sustainable future.
"We are confident that this collaboration will not only contribute to sustainable development in the UAE but also set a precedent for environmental responsibility worldwide," he added.
Echoing this sentiment, BiOD’s Chief Executive Shiva Vig, said: "We are thrilled to welcome Dubal Holding as a strategic partner. This is not just an investment in our company but a testament to our shared vision for a sustainable future."
"We are proud to contribute to the UAE’s green economy and look forward to making even greater strides in renewable energy with Dubal Holding’s support. I also want to acknowledge our advisors at Ideal Capital for their crucial role in facilitating this deal," added Vig.-TradeArabia News Service
