Explore the future of sustainability careers in Dubai with our comprehensive Renewable Energy Accounting guide. Discover opportunities for UAE professionals to drive sustainable change in the energy sector.

Business opportunities within the UAE's renewable energy accounting services industry

Like several Middle Eastern nations, the UAE has traditionally relied on its fossil fuel industry to sustain its long-term growth and development. With increasing pressures to cut back on global dependence on fossil fuels, save the environment, and go for climate-change-friendly policies, the UAE has positioned itself to become an early user of renewable energy accounting services, sources, and technology.

In recent years, the UAE government has focused on the promotion and move to renewable energy. This has led to the need for more advanced accounting services. The government has been promoting renewable energy by creating opportunities for additional investment for both expatriates and Emirati nationals. This rise in investment is increasing demand for accounting firms in Dubai. These policies are expected to provide great growth to the UAE and the surrounding region.

How is the UAE evolving to renewable energy demands?

The United Arab Emirates is home to over 9 million people and receives over 11 million tourists annually. As the nation starts to move away from oil as a basic energy source, the demand for energy is anticipated to continue to grow over the next two decades. The entry of more companies is leading to more demand for bookkeeping services in Duba. The reason is that they do not want to mess up their papers when it comes to corporate tax in the UAE. The city of Dubai alone is expected to double its population as early as 2040.

In 2015, the government rolled out the UAE Green Agenda, designed to facilitate the move of energy sources while keeping up with the growing demand. The Green Agenda, which establishes green programs through the year 2030, has some key strategic elements:

1. Building a competitive knowledge economy honed on innovation and diversification.
2. Societal development and quality of living through better infrastructure and workforce development.
3. Sustainability and the conservation of natural resources.
4. Clean energy and climate action.
5. Going for a green economy through sustainable resource use and efficient transportation.

The future of renewable energy accounting in UAE

The UAE has aspirations for its renewable energy accounting future, including increasing clean energy production by 30% by the year 2030 and three-quarters of all energy coming derived from renewable sources by the year 2050. Already, the Emirati state has spent tens of billions of dollars on meeting its sustainability and renewable energy goals. Some notable projects include:

• USD 1.7 billion was spent on building Masdar City in Abu Dhabi, a development powered by a zero-waste policy.
• The Muhammed bin Rashid Al Maktoum Solar Park, among the world's biggest renewable projects, will make 24 million kilowatt hours of good solar power each year.
• USD27 billion was invested in making Dubai's Green Zone, a free zone specifically made for R&D companies and CleanTech start-ups.

Opportunities for firms to work in this growing market

The International Renewable Energy Agency (IRENA) is hopeful about the growth potential in the UAE. Renewable energy could result in approximately 100,000 additional jobs for UAE professionals by 2030. This would naturally raise demand for renewable energy accounting firms in the UAE. Companies where opportunities exist can quickly gain market share and upskill their workforce.

Renewable energy is a very diverse industry that reaches tons of applications, from solar to wind to other options. Solar is set to be one of the fastest-growing renewable sources of energy for the UAE. The reason is because of its geographical location. The country gets more than 3,500 hours of sunshine every year. For this reason, by 2030 the government has said that all buildings will be equipped with solar panels. Other areas of interest for the Emirati government are wind power generation, waste-to-energy conversion, and infrastructure investment to increase the adoption of electric cars. Lastly, reduction of energy use through green building strategies.

While UAE professionals who specialize directly in energy generation will be in great demand. Thus, any UAE professionals who promote services or products that complement or help renewable energy projects will have enormous opportunities. With all of this happening, companies are also investing in renewable energy accounting in Dubai. Some of the top investment opportunities include: A lot of people want to get into the field and are taking more accounting courses in Dubai. 

Some fields with strong scope

• Construction - UAE professionals that specialize in building and retrofitting offices, retail space, and residential buildings to green building standards.
• Energy Generation: Solar energy will be a top contender in space, with smaller boutique markets. These include those in wind and wave technology giving alternative energy sources.
• Sustainable Agriculture - Currently, the UAE imports almost all of its food. For this reason, UAE professionals who specialize in sustainable agriculture and the reduction of food wastage will be in great demand.
• Technology - Preserving, tracking, and managing energy resources becomes more lean with the use of technology. Technology firms that specialize in bringing innovative technology such as sensors, monitoring systems, decentralized grid operations, and energy reduction controls are about to grow significantly.

How do I make a renewable energy business in UAE?

The chosen type of formation will depend on how the business will be made. The formation will depend on who the firm is working with and a host of other factors, but in most cases, it is good to consider setting up either an LLC or a Foreign Branch on the mainland. However, there is also the option to set up a Freezone firm in, for example, Masdar City (Abu Dhabi Free Zone which specializes in business setups that promote sustainability and renewable energy.

A general guide on the options on hand to set up a company in UAE, you can the options of either a mainland business or free zone setup. Mainland benefits include direct access to government bodies in the UAE, and the capacity to directly sell goods to the UAE. However, it is also possible to set up a free zone company. For example, Masdar City (Abu Dhabi Freezone specializes in company setups that go for sustainability and renewable energy. Businesses in free zones are restricted to work within the free zone itself or with international clients. Mainland Setup can either be totally foreign owned, or in some instances, may still require a local shareholder. A free zone setup will allow 100% foreign ownership. In both instances, there might be certain external approvals needed depending on the work required.

If SPC (Supreme Petroleum Council or the Abu Dhabi National Oil Company Approval) is needed, then it's best to set up on the mainland with at least a 1% local shareholder. However, this, again, will depend on the purpose of the company setup and what they are looking to set up.

What are the steps to set up a UAE renewable energy accounting company? 

• Identify the correct location, jurisdiction, and work – Mainland, Freezone, Ajman, Dubai, etc
• Prepare the legal papers and documents – MOA, POA, Board Resolution, and POA if needed
• Trade Name Reservation and Initial Approval from the relevant licensing authority – DED for country or Freezone Authority
• Notarise the Memorandum of Association (MOA) – mainland documents
• Obtain lease agreement / commercial area rent that conforms to license demand. Get them from Ejari or Tawtheeq for mainland, Freezone office space for firms setting up in a Freezone
• Regulatory approvals related to the activity and location, For instance, SPC Approval for Energy and Infrastructure businesses, Municipality Classification for making, architectural and contracting firms. Ministry of Environment for environmental footprint companies.
• Obtaining the Trade Licence and Commercial Registration.

Embracing a greener future in the UAE

There are a limitless number of opportunities for companies that specialize in or complement the various fields of renewable energy. For companies that wish to build a presence in the Middle East or wish to relocate operations to the country, now is the perfect time. These companies can benefit from the increasing demand for clean renewable energy. You might consider hiring a UAE professional before anything else. This person will walk you through the process of establishing a renewable energy business in the UAE. With their help, you can be confident that you have access to the required resources to set your business up for success.