ADDED, HYCAP Group team up to establish industrial complex in Abu Dhabi

ADDED, HYCAP Group team up to establish industrial complex in Abu Dhabi

ABU DHABI - The Abu Dhabi Department of Economic Development (ADDED) and HYCAP Group, the net zero asset management company, have signed an agreement to develop the production, storage, and transport of green hydrogen, spearheading the transition to net zero in line with the UAE's Net Zero 2050 Strategy and National Hydrogen Strategy.

The Memorandum of Understanding between HYCAP Middle East and ADDED will also see the two organisations join forces to assess establishing an industrial complex in Abu Dhabi with the involvement of local partners.

The complex will specialise in industries related to hydrogen and the advancement of renewable energy sources, aiming to attract and establish more industrial companies and bolster the value chains within this sector.

In November 2023, HYCAP Group opened its regional headquarters in Abu Dhabi Global Market (ADGM) to support its strategic expansion to the region and unveiled plans for a UAE-based GCC Fund that will invest in companies serving the net zero energy transition and clean hydrogen supply chain.

The National Hydrogen Strategy aims to make it a top 10 producer of green hydrogen by 2031 with an output target of 1.4 million tonnes per year.

The UAE plans to establish hydrogen hubs to accelerate industry adoption of hydrogen,