Established in April 2006 by Mubadala, a strategic investment and development vehicle established and wholly owned by the Government of the Emirate of Abu Dhabi, Masdar is Abu Dhabi's landmark initiative to create a global platform to advance clean and green technologies, through aggressive research, development and deployment of sustainable energy technologies. Meaning 'the Source' in Arabic, Masdar is a government enterprise that couldn't have chosen a more appropriate word to describe its mission: to be the source of global dialogue and action on three issues of critical concern to mankind - energy security, climate change, and the sustainable use of natural resources.
In this endeavor, Masdar has partnered with the world's most prominent corporate, scientific and financial institutions to spearhead 'green' research and development, and then to commercialise and deploy the advanced technical solutions which result. Strategic partnering, to Masdar, represents the best way to achieve meaningful results leading to truly sustainable human development.
Proving its status as a regional innovator, Abu Dhabi, and by extension the UAE, is the first hydrocarbon-producing nation to actively promote the cause of renewable energy resources. By taking such foresight to a globalised level, the same Abu Dhabi that holds 8.5% of global oil reserves (approximately 97 billion barrels) is now further elevating its status as a global leader in clean energy as well.
A few years ago, research demonstrated that the UAE needs $10 billion in investment to meet its growing demand for energy consumption. Exploring new, ecologicallysustainable options to satisfy these requirements is one rationale for Masdar's development. Another rationale is transforming the country from technology consumer to technology producer. In so doing, Masdar will inevitable help drive economic diversification, all while expanding the UAE's position in the evolving global energy market.
"The global energy market is evolving, and with a growing share of renewable energy", explains Sultan Ahmed al Jaber, Masdar's CEO, "It's only natural for a major energy player like Abu Dhabi to want to participate and to lead. The beauty of Masdar is the ability to combine our substantial energy expertise and capital into solutions of great importance for the region as well as the global community," he adds.
A heady mix for sure, but one that is credible and perhaps can serve as a model for other hydrocarbon producers.
So what does this multi-billion dollar strategic development program look like and how will it achieve its ambitious goals? Masdar comprises the following six components: