DUBAL Holding acquires equity stake in BioD Technology FZCO - Middle East News 247
July 16, 2024
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DUBAL Holding acquires equity stake in BioD Technology FZCO

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 its pioneering work in transforming 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, showcasing its commitment to the circular economy and reducing greenhouse gas emissions by 84 per cent, as verified by its ISCC certification.

DUBAL Holding, a sovereign wealth fund with a focus 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 not only contribute to sustainable development in the UAE but also set a precedent for environmental responsibility worldwide,” said Ahmad bin Fahad, CEO of DUBAL Holding.

Echoing this sentiment, BiOD’s CEO, Shiva Vig, expressed 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. We are proud to contribute to the UAE’s green economy and look forward to making even greater strides in renewable energy with DUBAL Holding’s support. I also want to acknowledge our advisors at Ideal Capital for their crucial role in facilitating this deal,” Vig 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.

Last Updated on 7 days by Middle East News 247

    Middle East News 247

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