UK net zero investment fund opens UAE office

UK-based asset manager HYCAP Group is set to open an office in the Abu Dhabi Global Market (ADGM) in order to capitalise on the region’s efforts to build a green hydrogen market.

The firm, which describes itself as a net zero investment fund, also intends to launch a GCC fund which will be domiciled in the UAE and invest in companies providing services for net zero energy transition and clean hydrogen.

According to HYCAP, the ‘clean’ or ‘green’ hydrogen has become a central pillar in the climate mitigation efforts of firms in the GCC.

Both Saudi Arabia and the UAE have promoted their respective national hydrogen strategies. The UAE is aiming to be a top 10 producer of green hydrogen by 2031 with an output target of 1.4 million tonnes annually.

Saudi Arabia is hoping to pull in more than US$36 billion in investments for green hydrogen by 2030 and is also planning to build the world’s largest green hydrogen plant.

“Our venture into the UAE is a strategic decision to place HYCAP Group at the nexus of the world’s emerging green hydrogen hubs,” said James Munce, HYCAP chief executive.

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