Nicosia, Mar 8  : Portland Group of Greece, a marine and financial solutions company, has announced plans to develop wind and solar energy in the UAE, with an initial investment of 100 million euros, aiming to turn Dubai into the sight of the biggest energy field in the world.

The President of Portland Alexander Christodoulakis told the Gulf News that with a fraction of the amount spent on energy and construction, Dubai can set an example to the world in the field of renewable energy.

"We are looking at an initial investment of 100 million euros, and expanding on this. We will start with in excess of 20 megawatts, and extend to possibly 150 megawatts, in phases," he said.

Gulf News reports that the interest in renewable and green energies is fast becoming increasingly popular in the UAE, with Abu Dhabi taking the lead to become a regional hub for sustainability.

People in the Emirates are becoming more energy conscious and there is a growing demand to reduce dependency on oil.

Portland will form a joint venture in Dubai with Asset Logistic and Inter Emirates. (ANI)