Dr. Moataz Kandil
President of Middle East& North Africa, Fortescue, UAE
Moataz is a visionary leader with over 25 years of experience driving transformation across the MENA region and beyond—in green energy, investment strategy, and institutional development. Moataz Kandil is currently the President for the Middle East & North Africa at Fortescue, the Australian giant in green energy and mining, where he leads large-scale renewable energy, green hydrogen, and green finance initiatives across the region.
Previously, also as the CEO of the Dubai Government’s Green Fund—the MENA region’s first multi-billion-dollar green infrastructure investment platform—he played a pivotal role in advancing the UAE’s clean energy transition.
Throughout his career, Moataz has held CEO and senior executive roles across the region, managing multi-sector groups of companies and overseeing global investment portfolios spanning finance, real estate, and industry, with a strong focus on strategic growth, private equity, and corporate governance.
Moataz is widely recognized for his expertise in sustainable finance, public-private partnerships, and board-level leadership.
Moataz holds a Professional Doctorate in Finance from the European International University in Paris, an MBA from London Business School, and a Bachelor of Business Administration from the American University in Cairo. He is a Chartered Management Accountant (UK & USA).
1. How are developing nations securing funds to construct renewable energy infrastructure, and what challenges remain?
Developing countries face major challenges in funding renewable energy, even though they are home to nearly two-thirds of the world’s population. Sub-Saharan Africa alone needs around $120 billion every year to expand electricity access—half of that for renewables. Since 2017, the gap between available funding and actual clean energy needs has widened, now exceeding $4.2 trillion. The situation has worsened due to COVID-19, rising debt, and global financial instability.
Still, new and innovative financing models are making progress. Pay-as-you-go solar companies like M-KOPA in Kenya are providing affordable energy to millions of off-grid homes. In India, pay-as-you-save programs help farmers switch to solar-powered irrigation with no upfront costs. Platforms like Ecoligo, an impact investment platform, are also helping fund solar projects through crowdfunding, proving that small investors can make a big difference.
Carbon credits, climate-debt swaps, and new international agreements are helping, too. For example, Rwanda’s Gigawatt Global solar project uses carbon finance to reduce costs, while Egypt and Germany’s €54 million debt swap ties climate goals to fiscal relief. Global efforts like the COP29 agreement and the Paris Agreement are creating more opportunities for climate finance.
However, challenges remain. High interest rates, currency risks, and weak regulations still make financing difficult. The path forward includes blended finance, local currency lending, and stronger partnerships with developing countries to treat them as leaders—not just aid recipients—in the energy transition.
A recent milestone is AMEA Power’s successful commissioning of a battery energy storage system in Egypt, reflecting growing confidence in utility-scale clean tech investments.
Despite progress, barriers remain—including political risk, currency volatility, and limited local capital markets. Continued international support, clear policies, and scalable financing tailored to local contexts are essential for accelerating renewable infrastructure globally.
2. How is the Middle East integrating renewable energy into existing grids traditionally built around oil and gas?
The Middle East is starting to shift from fossil fuel-based electricity to cleaner sources like solar, wind, and green hydrogen. While the region’s grids were originally built around oil and gas, this transition is becoming more realistic thanks to smart planning and investment.
Countries like Saudi Arabia and the UAE are leading the way by upgrading their electricity grids, expanding battery storage, and using digital tools to better manage supply and demand. Natural gas is being used as a temporary bridge, allowing countries to reduce their reliance on oil while preparing for more renewable energy.
Traditional grids were designed for steady energy sources, but solar and wind are variable. That’s why countries are adding smart grids, real-time monitoring, and automated controls that can respond quickly to changes. Battery systems are now key—they store excess solar energy during the day and release it at night, helping to keep the grid stable.
There are still weak spots. Some areas with great solar or wind potential lack strong grid connections. To fix this, countries are investing in new transmission lines and regional energy cooperation.
Policies are also improving. Governments are rolling out grid codes, feed-in tariffs, and incentives for industries to use renewable energy. Green hydrogen is gaining attention, both as a way to store extra solar power and as a future export opportunity.
This transition isn’t happening overnight. But with the right investments and smart grid planning, even the most oil-based energy systems in the Middle East can become clean, flexible, and ready for the future.
3. What are the key drivers behind the surge in renewable energy investments in the GCC, particularly in solar and hydrogen?
The Gulf region, traditionally known for oil, is now becoming a global leader in solar and hydrogen energy. This shift is not just about sustainability—it’s a strategic move to build long-term economic strength.
A major reason is the push for economic diversification. Countries like Saudi Arabia and the UAE understand that global demand for oil will eventually decline. National plans like Vision 2030 focus on renewables as a way to build new industries and reduce fossil fuel use at home.
The Gulf also has a clear natural advantage: strong, year-round sunlight and large desert areas make solar energy cheap and easy to scale. Their experience in large infrastructure projects also helps them move fast.
Hydrogen is another big focus. Projects like the NEOM green hydrogen plant in Saudi Arabia and Oman’s export plans show the region’s ambition to become a top supplier of clean fuels to Europe and Asia.
Sovereign wealth funds like Saudi Arabia’s Public Investment Fund (PIF) and Masdar- the UAE’s government green investment and development arm, are playing a big role. With trillions in assets, these funds are backing massive renewable projects and helping create a clean energy economy.
Also, technology costs have dropped. Solar and wind are now cheaper than gas in many cases. This has allowed the GCC to launch record-breaking projects at very low prices, attracting more private and international investors.
Finally, climate goals and investor pressure are pushing Gulf countries to adopt cleaner practices. Meeting international standards like the Paris Agreement and ESG criteria helps them stay competitive in a changing global economy.
The Gulf’s clean energy shift is about preparing for the future—not just following trends but shaping them.
4. What incentives if any, are available for private sector and SMEs to adopt clean tech in the Middle East?
In the Middle East, clean tech is no longer just the domain of big government projects. More and more, private companies and SMEs are being offered support to join the region’s shift toward clean energy—and benefit from it.
In Saudi Arabia, the Environmental Financing Initiative- launched in 2025 with a $266 million budget—supports businesses in adopting clean technologies by offering grants and loans through a streamlined digital platform. It also partners with programs like Kafalah, the national loan guarantee scheme, to reduce lending risks for banks financing small and medium-sized clean tech ventures.
Across the region, startups are growing fast. According to the World Economic Forum, it’s a “golden age” for entrepreneurship in the Gulf. Investment is flowing into sectors like clean energy, climate tech, and fintech, giving startups more options than traditional bank loans.
In the UAE, almost 50 free zones offer incentives for clean tech firms—like fast license approvals, tax breaks, and two-year visas. New regulations requiring solar on buildings are also creating business for installation and maintenance companies.
Oman and Kuwait are supporting SMEs through national plans like Vision 2040 and local SME funds. These programs provide money and expert guidance to help clean energy companies grow. SMEs are now seen not just as service providers, but as key players in the region’s energy future.
Governments are also linking green energy with job creation. Businesses that train or hire local workers in clean tech often qualify for additional support. Agreements like the UK-GCC partnership help SMEs expand across borders, while university partnerships, startup expos, and green bonds give early-stage companies a stronger start.
Bottom line: clean tech in the Middle East is now open to more than just large corporations. With the right incentives and funding, SMEs have a real chance to lead in the region’s sustainable energy transition.