President Barack Obama declared that a "new era of energy exploration in America" would be a crucial to leading the nation out of an economic crisis. Obama went on to say, "Now, the choice we face is not between saving our environment and saving our economy, the choice we face is between prosperity and decline. We can remain the world's leading importer of oil, or we can become the world's leading exporter of clean energy."

It could be argued that from a Middle East perspective this vision threatens the economic well being of the region. After all, the GCC is blessed with an abundance of hydrocarbon resources and a move towards clean energy will threaten future oil revenues.

However, an alternative view would be that the Middle East region, like any other region, must lead the shift to clean energy to ensure that it remains at the center of global energy supply and sustains economic growth and social development.

Private equity and venture capital investors have an important role to play in introducing clean technology in the Gulf and in the process transforming the economy in a way that will ensure continued relevance of the GCC in the post-hydrocarbon world.

Fortunately there is evidence that policymakers in the Gulf have already accepted the challenge. The Abu Dhabi government has conceived Masdar. Masdar is stepping up its investment in research projects and similar activities are taking place in the new industrial cities KSA.