DUBAL Holding’s stake acquisition in BiOD echoes a strategic partnership which is set to propel the UAE’s position
In a landmark move for sustainable development in the UAE, DUBAL Holding and BiOD Technology FZCO jointly announced DUBAL Holding’s stake acquisition in BiOD. 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 pioneering the transformation of 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. It showcases its commitment to the circular economy and has reduced greenhouse gas emissions by 84 per cent, as verified by its ISCC certification.
DUBAL Holding, a sovereign wealth fund focusing on sustainable and green investments, recognizes the strategic importance of BiOD’s mission and operations. This investment underscores DUBAL Holding’s 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. We are confident that this collaboration will contribute to sustainable development in the UAE and set a precedent for environmental responsibility worldwide,” said Ahmad bin Fahad, CEO of DUBAL Holding.
BiOD’s CEO, Shiva Vig, echoed this sentiment, expressing 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. Our joint commitment to contributing to the UAE’s green economy and making even greater strides in renewable energy with DUBAL Holding’s support is truly inspiring. I also want to acknowledge our advisors at Ideal Capital for their crucial role in facilitating this deal,” Shiva stated.
The collaboration between DUBAL Holding and BiOD 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. This partnership has the potential to significantly impact the global green economy, offering hope for a brighter, more sustainable future.