In a significant move towards enhancing sustainable development in the UAE, DUBAL Holding has acquired an equity stake in BioD Technology FZCO. This strategic partnership aims to bolster the UAE’s standing in the global green economy, underscoring both companies’ commitment to environmental sustainability and innovation in the energy sector.
BioD Technology FZCO, the largest biodiesel manufacturer in the UAE and the GCC, is known for its cutting-edge work in converting used cooking oils (UCO) and palm oil mill effluent (POME) into clean biodiesel. As the operator of the only second-generation biodiesel plant in the GCC region, BioD is a leader in renewable energy innovation, significantly reducing greenhouse gas emissions by 84%, as verified by its ISCC certification.
DUBAL Holding, a sovereign wealth fund with a focus on sustainable and green investments, recognizes the strategic value of BioD’s mission and operations. This investment highlights DUBAL Holding’s dedication to promoting a sustainable future and aligns with Dubai’s vision for a green economy. Ahmad bin Fahad, CEO of DUBAL Holding, stated, “This partnership with BioD aligns perfectly with DUBAL Holding’s strategic objectives of investing in environmentally responsible and innovative businesses. 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.”
Echoing this enthusiasm, BioD’s CEO, Shiva Vig, expressed profound gratitude and optimism about the future. “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,” Vig stated.
The collaboration between DUBAL Holding and BioD Technology FZCO marks a significant milestone in the pursuit of sustainability and innovation within the energy sector. It not only emphasizes the UAE’s leadership in green technology but also exemplifies how strategic partnerships can drive substantial progress towards a cleaner, more sustainable future.
