Innovest Holding LLC's Strategic Partnership to Power UAE's Clean Energy Future - Middle East Business News and Information
At its heart, this partnership is driven by a shared vision: to bridge the critical global gap for environmentally-friendly fuel alternatives. By joining forces, Innovest and OXON™ Technologies are poised to make substantial progress towards achieving the UAE's ambitious environmental goals, demonstrating a tangible commitment to a more sustainable future.
The newly formed entity will focus on leveraging advanced technology to promote responsible energy use and achieve radical reductions in carbon dioxide emissions. This project is not just an initiative; it's an essential component of the UAE's core framework for eco-friendly economic growth and environmental protection – a testament to the nation's dedication to a greener tomorrow.
'At Innovest, we believe in shaping the future through transformative, sustainable technologies', Mohammad Mahfouz, Chief Executive of Innovest said. 'Our partnership with OXON™ Technologies to introduce OXONtech™ demonstrates commitment to clean energy, industrial growth, and environmental impact, aiming to position the UAE at the forefront of green fuel solutions,' he added.
'OXON™ Technologies welcomes this exciting next step in our two years of development and technology testing and with our UAE partners. This partnership is a testament to our shared vision of sustainable economic growth, technological innovation, and global leadership in environmental responsibility', Chief Executive of OXON™ Technologies, Andrew Lowenstein said.
Looking ahead, Innovest is eager to collaborate with leaders in the refinery industry. This project is driven by a profound desire to decelerate climate change, promote sustainable development, and safeguard the energy future for the generations to come. Innovest and OXON™ Technologies are excited to embark on this journey together, paving the way for a brighter, greener future for the UAE and the world.
About Innovest Holding LLC:
Innovest Holding LLC is an Abu Dhabi-based sustainable technologies investment firm dedicated to identifying and supporting innovative solutions that drive positive environmental and economic impact. Innovest focuses on investing in technologies that contribute to a more sustainable and resilient future.
About OXON™ Technologies:
OXON™ Technologies is a Nevada-based energy solutions innovator specializing in advanced technologies for the development of green fuels and the reduction of carbon emissions.
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The fact is that overtourism is getting worse in cities where Airbnb is heavily restricted: in Amsterdam or Barcelona, the introduction of stringent restrictions on short term rentals have coincided with a steep increase in guest nights driven by hotels, and a surge in accommodation prices for travelers. Cities that want to have a significant impact on overtourism should embrace tourism that supports families and communities.' They added that 59% of 'guest nights' sold in the EU on Airbnb in 2024 are in destinations outside cities, while their research published in June shows that the majority of tourists still choose hotels. VRBO, another major short-term rental provider, did not respond to a request for comment. Palma's tourist board is taking steps to center the industry around residents, not visitors.A blitz on overtourism Pedro Homar knows this pressure well. As tourism director for Visit Palma, he's caught between visitors behaving badly in the Spanish city, and residents demanding action. 'We need to ensure that tourism is a sustainable industry, not just from an environmental point of view but also from a social and economic point of view,' he says. 'Our economy depends on tourism, so we either make sure we're physically sustainable or we will not have a future.' Since the pandemic, Palma has stopped promoting itself outright. Instead, it runs 'image campaigns' to shape perceptions — even running ads to call out antisocial behavior in certain resorts. In 2022, the city capped cruise ship arrivals at three a day, even though the port can handle six (Barcelona has followed suit, announcing in July that it will close two of its seven cruise terminals from 2026). It banned short-term rental apartments and Airbnbs in city-center residential buildings and has set a cap of 12,000 hotel beds: for a new hotel to open, another must close. Palma has also built up a 50-million-euro ($58 million) fund to buy and remove outdated hotels from circulation — typically cheaper properties that tend to attract budget tourists. 'It's a way of taking out of the market all these obsolete and old hotels that are no longer competitive and not the kind of product that we want for the destination,' Homar says. 'We don't need you' Palma's approach raises a question: Who has the 'right' to travel? Some destinations have long used high costs to deter mass tourism. Bhutan charges a $100-a-day 'sustainable development fund' fee. A gorilla-trekking permit in Rwanda costs $1,500 per person. Even Venice's 10-euro day-tripper fee has drawn criticism from locals for selling the city to the wealthy. Homar argues that destinations should have the right to choose their visitors, likening it to deciding whom to invite to dinner. 'I really do believe that as mature destinations, we have the right to choose the tourists that we want, and don't want,' he says. 'We want tourists that respect our personality, our way of living, our traditions. 'If you are thinking of coming over without a respectful point of view, we say, respectfully, we don't need you.' Josephides is blunter. 'They don't want the rabble anymore,' he says. 'It sounds awful to say so, and everyone's entitled to a holiday, but the numbers just keep growing. The whole thing is out of control. I can understand the democratization but it's up to the destination if they want clients without any money,' he adds. 'I'd like to drive a Ferrari, but I can't afford it.' For now, he says, most European destinations seem focused on capping numbers rather than pricing out budget travelers entirely. In Rome, visiting the Trevi Fountain has become an ordeal. Jakub Porzycki/NurPhoto/Getty Images Winning back the locals Restoring the goodwill of residents is just as important as tackling the crowds. 'A city where residents are not satisfied is a city that doesn't work,' says Ruben Santopietro, CEO of Visit Italy, a marketing company for various destinations across the country. 'It loses its identity completely. Residents feel excluded and neighborhoods become touristic.' Born in Naples, which saw protests over lack of housing and growing short-term rental numbers in March, Santopietro has watched his hometown surge in popularity — and housing prices — over the past decade. He warns that if growth continues unchecked, 'in five years, 50% of the città d'arte (Italian cities of culture) will become inaccessible.' Rome, Florence and Naples, he says, are already 'suffocated by tourism' almost to the point of no return. Visitors, he adds, actually want locals around. 'Venice belongs to the Venetians. If locals aren't there, they won't go. Putting residents at the center of tourism models is the only way to preserve our cities from becoming open-air museums.' Homar agrees, echoing the same phrase — 'putting residents at the center of the tourist strategy' — when talking about Palma's new five-year plan, adopted in 2023. Some hotels the city buys will be replaced with green spaces or converted to housing. In November, Palma will launch free cultural activities for locals — organ recitals, children's days in the old atelier of artist Joan Miró, theater concerts organized by Spanish national radio stations, guided architectural walks around the city — to 'uplift the sense of belonging and the pride of being a citizen.' 'All these initiatives will be in spaces that residents for some reason believe are just for tourists,' he says. 'We're seeing that the sense of belonging that residents used to have about being in Palma, they were slowly losing that and we need to change that dynamic.' The scourge of social media Redistributing visitors can also help. The problem in Italy, Santopietro says, isn't that the country can't handle the numbers — it's that everyone goes to the same places. This summer, his agency launched a campaign, 'The 99% of Italy,' encouraging travelers to visit lesser-known destinations from Genoa to Tropea (some of which were their clients, but not all). 'We used social media platforms as they have created these imbalances,' he says, adding that they expect tangible results in the long term, as regional marketing campaigns take longer to take effect. Santopietro says that even in the busiest destinations, steps can be taken to disperse visitors. He suggests incentives — for example, discounted tickets to Rome's Colosseum for those who've already visited the ancient coastal town of Ostia Antica. In Naples, residents protested about the housing crisis in March, citing short-term rentals as one of the takes time In the short term, protests are likely to spread, says Estrella Diaz Sanchez, associate professor of marketing at Spain's University of Castilla-La Mancha. 'Some locals are frustrated about the number of tourists they receive, but I think the main factor is skyrocketing rents, driven by short-term holiday lets, pushing locals out of the housing markets,' she says. 'The solution isn't to reject tourism; it's to make it more inclusive and respectful.' Even Josephides, the tourism industry doomsayer, thinks recovery is possible. He points to Estoril, on the Lisbon coast, which in the 1970s was a mass-market destination. Authorities decided to push it upmarket, and succeeded. 'You can recover, but it takes time,' he says. 'It's much easier for a destination to control its growth rather than repair it afterwards.' 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