In the memory of previous lives, Dubai has tens of billions of dollars in debt for the construction of the Burj Khalifa and the subway system, and the core of the economy is the service industry, which lacks the support of the real economy and relies heavily on the participation of foreign capital.

When the economy is pro-cyclical, Dubai can rely on tourism, real estate, financial markets to obtain huge benefits, enjoy the bubble brought about by rising asset prices, but once the economy is counter-cyclical, capital flight occurs, and a large amount of hot money flows out of the country, it will cause a heavy blow to Dubai's development.

As a result, the financial tsunami hit Dubai, and the inflow of capital into the country was drastically reduced. At the same time, because most of Dubai's construction financing is through international syndicates, the external debt is serious, at that time Dubai's external debt accounted for about 97% of GDP, and the foreign loans borrowed or guaranteed in the name of Dubai reached 23.6 billion US dollars.

At that time, the pressure of capital flight and currency depreciation made Dubai's capital account quickly turn from a surplus to a deficit, real estate shrank, the real estate market fell into a depression, and a large number of real estate projects faced the dilemma of suspension or cancellation.

However, Yang Jie will not pretend to be a magic stick to remind the Crown Prince of the Caliphate that even if the emirate of Dubai has economic problems in the future, the Crown Prince of the Caliph will not run away, and Dubai's status as the largest commercial transit point in Europe, Asia and Africa will not decline, and business and trade can still prosper again after the economic crisis.

And in the past two years, the outbreak of hydrogen energy has made Europe and the United States and other countries have begun to follow up, various countries are launching large-scale coal-to-hydrogen or natural gas-to-hydrogen projects, Huaxia because of the layout is very early, and Huaxing Group has mastered the most advanced technology of fuel cells and hydrogen fuel, and now Huaxia crude oil imports are declining year by year, and began to export a large number of hydrogen fuel.

Although the United States, Japan, and Germany are also producing hydrogen fuel, Huaxia exports the highest amount of hydrogen fuel storage, and the purity and efficiency of hydrogen released are also the highest.

After the hydrogen energy license was issued to dozens of domestic companies last year, hydrogen energy projects have been launched all over the country, and now the annual hydrogen production of Huaxia has exceeded 20 million tons, and the price of hydrogen has been reduced to about 15,000 per ton.

At present, Huaxia is still working hard to launch the coal-to-hydrogen project, which not only basically meets the domestic demand, but also becomes an energy exporter.

Now Huaxia exports tens of millions of tons of hydrogen fuel, the price of hydrogen fuel per ton is thousands of yuan, lower than the price of gasoline, and the energy conversion efficiency is higher than that of fossil energy, and the key is clean and environmentally friendly, only water is discharged!

Huaxia's revenue from hydrogen fuel exports exceeded $30 billion last year, and its main exporters are European countries such as the United States and Germany.

It is precisely because of this that now international oil prices have also suffered one after another, and the OPEC organization has also smelled the breath of uneasiness, and has taken the initiative to lower the price of crude oil, and now the price has come to the price of 25 US dollars per barrel, but it has not had much impact on China's hydrogen fuel exports.

Huaxing Group has now reduced the price of hydrogen fuel cells plus motors to a lower point than this traditional generator, and the price of 100 kilowatt fuel cells plus motors has been controlled at more than 30,000, and these traditional generators are no longer opponents at all!

This is not something that can be done by reducing the price of crude oil, now Huaxia has established a complete industrial chain of hydrogen fuel cells and motors, taking the hydrogen energy technology route, Huaxia will definitely import oil in the future as a source of chemical materials, but its dependence on energy has been greatly reduced.

The crown prince of the caliph invited Yang Jie to come over this time, and he also guessed that the crown prince of the caliph wanted to be one step ahead of others and also wanted to enter the field of hydrogen energy.

The UAE is a country rich in natural gas resources, and the Crown Prince of the Caliph naturally wants to use natural gas to develop hydrogen energy projects, and also use the abundant solar energy here to develop solar energy.

"Mr. Yang, we in Dubai are now preparing to build a solar park, which is expected to cost $3 billion and cover an area of 48 square kilometers, making it the largest solar project in the Gulf region. ”

The Caliph Prince sent in the blueprint for the solar project at this time, pointing to the blueprint and saying: "I hope that the first phase of this project will be completed in 08, when the power generation capacity will reach 1,000 megawatts, which will meet 5% of Dubai's electricity demand, and the installed capacity will reach 54GW in the next 20 years, making Dubai one of the world's major renewable energy generators." ”

"One of the challenges facing the UAE's power sector is that 45% of PV systems are idle during parts of winter, spring and autumn. We have thoroughly examined the potential to export dormant electricity overseas during the off-season, and there is a huge market for us to export electricity to Europe during the peak period of electricity demand in Europe and other CIS countries. ”

"Your Royal Highness, the investment in the power grid accounts for about 15% to 20% of the total investment, how to choose the transmission route of the power grid is also very important, your country already has a plan?"

Yang Jie asked.

"Transmission cables may pass through North Africa or Turkey, Bulgaria, but the latter route has less advantage because Bulgaria is a net exporter of electricity. ”

The Caliph spoke.

"Your Royal Highness, this project is expected to cost $512 billion when implemented, which is a great project. ”

"Mr. Yang, I would like your company to be the main supplier, but I have a request. ”

The caliph looked at Yang Jie and said.

"Speak, please. ”

"As Dubai builds clean energy projects, I hope your company can help us develop new energy professionals. ”

When Yang Jie heard the words of the Caliph Prince, he also understood in his heart that the ruler of Dubai now wanted to industrialize through the development of hydrogen energy projects.

In an instant, his mind had turned several times, and he said with a smile: "Our company is also willing to develop together with Dubai." ”

In fact, Middle Eastern countries have also tried to implement industrialization strategies several times, but they have failed.

The first was in the early 19th century, when Egypt forced industrialization, using advanced Western technology to develop modern industry, establish modern education, and build a new army, which lasted for two-thirds of a century, and finally transformed Egypt into a powerful regional power.

However, in order to maintain his hegemony, John Bull sided with the Ottoman Empire and participated in the attack on Egypt, forcibly interrupting Egypt's industrialization process by force.

On the other hand, in the latter part of World War II, the Middle East was once again faced with an opportunity to industrialize, and these countries pursued a strategy of import substitution, trying to develop their own industries to completely break away from the economic dependence that had lasted for centuries on the West.

This strategy was supposed to achieve some results, but it was interrupted again by the war in the Middle East.

In the seventies, the Gulf states made a fortune from oil, and these oil-producing countries developed their own industrialization plans, ambitiously planning to spend hundreds of billions of dollars to bring in mechanics, managers, teachers and workers to be able to build houses, pave roads, electrify towns and cities, increase port throughput, increase cement production, build oil refineries and petrochemical plants, and other heavy industrial facilities.

However, Western countries do not like this, because the more money that OPEC invests in infrastructure to accelerate the development of its own agriculture and industry, the less capital will be recycled into the industrial countries.

When these Middle Eastern countries brandished money to buy shares and technology in these Western companies, they imposed various restrictions that were not enforced until the Organization of the Petroleum Exporting Countries (OPEC) acquired the companies of these countries.

Investors in the Organization of the Petroleum Exporting Countries (OPEC) have also encountered obstacles in making similar acquisitions in the United States and Japan, and Western countries have made attempts to industrialize the purchases of Middle Eastern oil-producing countries ultimately fail through various tangible and invisible obstructions.

As far as the oil-producing countries of the Middle East are concerned, due to the lack of decent industrial investment projects, most of the petrodollars that the oil-producing countries in the Middle East have earned with great difficulty, in addition to being used to buy luxury goods and invest in real estate, have been reinvested in the markets of developed countries.