Abu Dhabi may have electricity-powered cars on its streets soon

Abu Dhabi in the United Arab Emirates (UAE) is expected to have electricity-powered cars on its streets soon. Abu Dhabi, the emirate that exports oil, is now busy buying stakes in alternative energy. This includes a stake in Tesla Motors, the automobile start-up firm, based in California, the United States, which makes high-performance battery-electric vehicles.

The Abu Dhabi-based Aabar, the third largest oil exporter in the world, has bought a 4% share of Tesla Motors from Daimler AG.  In a press release, Aabar said that that the Tesla stake was one of several more the company is planning to spend in a big way in the field of non-oil energy.

It may be noted that Abu Dhabi, the capital of United Arab Emirates, has strived to establish itself as a leader in renewable and clean technologies, which includes its $22-billion project to build the solar-powered, carbon-neutral Masdar City for 50,000 residents in the desert.

In June 2009, the United Arab Emirates was named headquarters of the 135-nation International Renewable Energy Agency (IRENA).

While Tesla Motors is one of the biggest companies in the growing electric-car sector, Aabar is considered the leading investor for the emirate of Abu Dhabi for diversification in the energy sector.

Image courtesy of Ioan Barbulescu

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