Skip to content Skip to Search
Skip navigation

BlackRock to invest $400m in Dubai decarbonisation firm 

Car, Transportation, Vehicle Positive Zero
The BlackRock investment will help Positive Zero boost energy transition projects in Gulf countries to help reduce carbon emissions

BlackRock, one of the largest fund managers in the world, has agreed to invest up to $400 million in the Dubai-based decarbonisation business Positive Zero through a diversified infrastructure fund.

The investment will help Positive Zero boost energy transition projects in Gulf countries to aid in reducing carbon emissions and limit global temperature rise to 1.5 Celsius, the company said in a statement.

The firm was set up by Creek Capital late last year through the merger of the UAE-based SirajPower’s energy efficiency services firm, Taka Solutions, and the on-demand battery business HYPR Energy.

“The conclusion of Cop28 in Dubai marks the beginning of a transformative partnership with BlackRock,” said Mohammed Abdulghaffar Hussain, co-founder and chairman of Positive Zero.

“We are set on a journey to achieve the ambitious Cop28 targets of tripling renewables and doubling efficiency by 2030,” he said.

The UAE president, Sheikh Mohammed Bin Zayed, announced at Cop28 that the government was to launch a $30 billion climate-related investment fund with the asset management companies BlackRock, TPG and Brookfield announced as inaugural launch partners.

The fund, to be based in Abu Dhabi and called Altérra, will be the world’s largest private investment vehicle for climate change action and will aim to reach $250 billion globally by 2030.

In an interview at the climate conference in Dubai, BlackRock told AGBI it has identified investment opportunities in companies that are preparing for or repairing climate-related damage.

Christopher Kaminker, head of sustainable investment research and analytics at BlockRock, highlighted investment opportunities in emerging technologies aimed at improving water systems and other vital infrastructure.

“We’ve identified a group of companies now that we think are quite important companies and we don’t believe that the demand for their services is priced in,” he said.

“We think that it’s going to increase in the future and they’re not well recognised by the financial markets.”

BlackRock has a regional office in Dubai International Financial Centre and had more than $8.5 trillion in assets under management at the end of July.

Latest articles

PIF's Starbucks shareholdings were cut almost by half from 6.3 million shares to 3.8 million

PIF slashes Starbucks stake as it cuts US stocks by $15bn

Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects.  The filing […]

Tunisia olives

Soaring olive oil exports help Tunisia balance books

Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit.   However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […]

Iraqi prime minister Mohammed Shia Al-Sudani attends licensing rounds for 29 oil and gas exploration blocks at the oil ministry's headquarters in Baghdad

Falling oil prices deepen Iraq’s fiscal imbalances, says IMF

Iraq’s fiscal imbalances have worsened due to significant fiscal expansion and lower oil prices, according to the International Monetary Fund (IMF). “The ongoing fiscal expansion is expected to boost growth in 2024 at the expense of a further deterioration of fiscal and external accounts and Iraq’s vulnerability to oil price fluctuations,” the Washington-based fund said in […]

Saudi aluminium producer Talco is offering 12 million shares

Aluminium producer Talco announces Saudi IPO

Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […]