Middle East's shift to sustainable energy opens doors for Hong Kong companies
Hong Kong businesses are keenly observing the burgeoning new energy opportunities in the Middle East, as Gulf nations seek to diversify their oil-dependent economies and pave the way for a sustainable future.
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Cliff Zhang Kun, chairman of Templewater and Bravo Transport, which owns bus operator Citybus, said that the company was in discussions with Qatar and Kuwait to supply hydrogen buses, following a successful pilot project in Abu Dhabi.
Zhang, who will be part of the official delegation accompanying Chief Executive John Lee Ka-chiu to Qatar and Kuwait later this week, said that the company supplied three hydrogen buses to Abu Dhabi in the United Arab Emirates in November 2023 as part of a focus on energy transition.
He indicated that the country might make bulk purchases after the end of the pilot project in the second half of this year.
'New energy vehicles may not have the strongest cost advantage because petroleum prices are cheap in the Middle East, but the local governments look beyond the cost and focus on the ultimate goal of driving the development of a new industry,' he said.
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'Despite a traditional reliance on oil and natural gas, Middle Eastern countries indeed possess strong potential in solar and wind energy, which are renewable resources and can also be used to generate hydrogen for export.'
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