New technology and global partnerships to transform potential for geothermal power

Grimsson made such comments in an interview with Oxford Business Group (OBG) in relation to the agreement entered into by Reykjavik Energy Invest of Iceland and Masdar City of Abu Dhabi to explore the potential for using geothermal power as the basis for the air-conditioning system of the zero-emissions city.

In addition, Grimsson also praised the project as a partnership between two countries that have already taken independent measures to develop clean energy resources.

"I strongly believe that clean energy cooperation between my small country and the smaller Gulf states is a wise strategy which will hopefully continue to develop,"

Grimsson said. He further stated that technology that enables drilling as deep as six kilometres underground will transform the potential for geothermal power in most parts of the world.

To create new opportunities, Grimsson noted that governments, businesses and scientists should work together to provide the framework, entrepreneurial drive and the expertise.

"The diverse and rich experience of the respective partners means that such partnerships offer many fascinating opportunities," he said.

The complete text of Grimsson's comments can be found in The Report: Abu Dhabi 2008, published by OBG. Aside from Grimsson's comments, the report also features a series of exclusive interviews with key officials and business leaders in what is considered the most extensive, independent, unbiased and accurate intelligence available about the UAE's capital.

Available in print form and online, The Report is part of the range of OBG's publications, which are renowned as leading sources of information on developing and emerging economies around the world.

Rated as the premier guide for foreign direct investment into the country's vibrant economy, The Report is an invaluable guide to the many facets of Abu Dhabi, including its, macroeconomics, infrastructure, political landscape, banking and sectoral developments, and presents a remarkably in depth profile of the emirate.

The 200-page business guide to the emirate, with an international distribution of 76,000, has been produced by a team of OBG analysts based in Abu Dhabi for six months, who conducted some two hundred interviews with leading political and economic figures.

Thirty percent of subscribers to The Report: Abu Dhabi 2008 is in Europe, 26% in GCC countries, 18% in North America, 15% in the Levant, and 11% in Asia. Seventy-five per cent are corporate subscribers and 20% government organizations and institutions. 28% are financial institutions, 27% in the energy sector, 19% in real estate and construction, 12% in IT and telecommunications, and 10% in industry.