The Strait of Hormuz crisis prompts Gulf countries to accelerate overseas investment in new energy

According to Fortune magazine, Iran's blockade of the Strait of Hormuz has led to a shortage of energy supply in the Middle East, prompting Gulf countries to accelerate overseas investment in renewable energy. Masdar of the United Arab Emirates and Total Energy of France signed a $2.2 billion agreement to integrate onshore new energy businesses in nine Asian countries; Mubadala invests in the US Power Factors and UK Hornsea 3 projects. As of January this year, Masdar's global installed capacity reached 65GW, with plans to reach 100GW by 2030. The Hormuz crisis has impacted local new energy construction, with the UAE's solar module imports dropping to 160MW in March, Saudi Arabia to 80MW, and Oman to zero. The freight rate for the Shanghai to Gulf route has risen to $4131, and Rystad Energy expects a delay of 3 to 12 months for new energy projects in the Middle East.