Sheikh Mohammed bin Rashid Al Maktoum, the UAE's vice president and ruler of Dubai, announced the plans on Monday following a Cabinet meeting. They also include investments in low-emission hydrogen fuel and developing infrastructure for electric vehicles.
The latest announcement included the formation of an Investment Ministry to be led by Mohamed Hassan Alsuwaidi. He currently serves as the deputy chairman of Masdar, a clean energy firm that has committed tens of billions of dollars to worldwide projects. His appointment drew criticism from environmentalists, who fear the UAE will resist efforts to reduce fossil fuel sales. Organizers of the summit say they are hoping for big results but that oil producers must have a seat at the table.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: