It is also what shaped the emirate into the modern metropolis it is today. As the famous line by Sheikh Mohamed Al Makotum, Prime Minister of the UAE and Ruler of Dubai, goes: “The race for excellence has no finish line.” So, we find Dubai once again aiming for new world firsts, this time around in the field of energy efficiency.

Dubai’s government’s plan to reduce the carbon footprint of the 2.4 million-strong city into the lowest in the world, is just one in a series of initiatives announced recently. Part of the Clean Energy Strategy 2050, it aims to provide 7% of Dubai’s energy from solar sources by 2020, 25% by 2030 and 75% from clean energy by 2050, transforming Dubai into a global centre for clean energy and energy conservation.

Speaking at the World Green Economy Summit which took place in Dubai in May, His Excellency Saeed Mohammed Al Tayer, said: “The UAE is taking major strides to drive the low-carbon green economy with the support of its vision and wise leadership, which is in line with global trends and efforts.”

Al Tayer went on to praise the COP21 Paris agreement, calling it “a clear example of global determination and dedication.” Last year, for the first time in over 20 years of negotiations by the United Nations, all 195 members reached a legally binding universal agreement on climate change, with the aim of keeping global warming below 2°C.

“All reports issued by the UN indicate that the main benefits of doubling today’s share of renewable energy is to keep the increase in global average temperature above pre-industrial levels, while avoiding up to 12 gigatons of CO2, creating more than 24mn jobs, saving 4mn lives a year and boosting global GDP up to $1.3 trillion,” Al Tayer said.

Domestically, Dubai’s government has been hard at work to align its Green Growth Strategy unveiled in January last year with global energy trends. Series of green initiatives and multi-million dollar investments were launched to promote the Emirate as a global capital of green economy and sustainable development. The idea is to help increase the rate of economic growth in the country to 4-4.5% by 2030 and raise the profile of key issues such as Clean Energy, The Green Fund and the development of a dedicated Green Business Zone.

The latter was announced as part of Dubai Clean Energy Strategy 2050 last November by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The strategy is based on five main pillars including infrastructure, legislation, funding, building capacities and skills, and an environmentally-friendly energy mix.

International consultants were invited earlier this year to send proposals for the development of the zone, dedicated to attracting mature and emerging companies in clean energy, R&D and innovation. New product development, collaboration between the public and private sector and training of the local workforce will be key focus areas as the UAE presses ahead with plans to make sustainability an underlining theme across its entire spectrum of businesses and industries.

The ongoing theme of energy efficiency has also penetrated the construction sector in the country, with innovations like smart materials and structures significantly improving energy conservation in both residential and commercial buildings. This is poised to generate burgeoning investment opportunities for small and medium firms which specialise in the provision of innovative construction materials and services such as cool roofing, insulation technologies, recyclable foams, indoor environmental quality, etc. More mainstream suppliers who focus on sustainability as part of their offerings would also find themselves welcome in the Emirate. Dubai recently unveiled the world’s first 3D printed office building dubbed by the media as ‘Office of the Future’. With all of its components coming out from an industrial scale printer, the building was ‘assembled’ rather than ‘built’. Therefore it required a special mixture of cement and a set of building materials the majority of which were designed and manufactured locally. The 3D printed office took 17 days to print and just two days to install, employing half the number of staff a standard construction project requires.

The news caused a huge stir in the global construction community, with many believing it signals a new age for the industry in the region and worldwide. The advent of 3D printing while still at its nascence, could change the face of manufacturing the way we know it, creating major growth opportunities for innovation- and tech-driven investors. With Dubai carving a future as the world’s capital for sustainability and innovation, it is likely to remain a promising investment destination in the long run.

As Sheikh Mohammed told reporters once, “We implement what we plan, and we pursue actions not theories. The rapidly changing world requires us to accelerate our pace of development, for history does not recognise our plans but our achievements.” The same is just as valid for investors and entrepreneurs – if they want a place in a new tomorrow, they need to start planning and acting today.