Manama, Kingdom of Bahrain: Bahrain Mumtalakat Holding Company (“Mumtalakat”), the sovereign wealth fund of the Kingdom of Bahrain, and Abu Dhabi Future Energy Company PJSC – Masdar, one of the world’s leading renewable energy companies, today signed a memorandum of understanding (MoU). announced. It aims to explore opportunities for cooperation in the development of clean and renewable energy projects in the Kingdom of Bahrain.
Under the terms of the MOU, Mumtalakat and Masdar will leverage their complementary expertise and know-how to develop a pipeline of renewable energy projects, supply cost-competitive green energy to Bahrain, They will work together to build local capacity and foster innovation in Bahrain. Additionally, we plan to explore co-investment opportunities in other markets of common interest.
Commenting on the announcement, His Excellency Sheikh Abdullah bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat, said: Environmental conservation and economic growth are closely related. ”
“We strongly believe that through strategic partnerships with industry leaders and investments in sustainable technologies, we can contribute to creating a positive sustainable impact for future generations,” said HE. added.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: “Masdar is pleased to partner with Mumtalakat to advance clean energy initiatives in the Kingdom of Bahrain. At COP28, we look forward to our collaboration and shared expertise in driving positive solutions. Witnessing the strong role of Saudi Arabia, Masdar now looks forward to working with its strategic partners in Bahrain to explore the development of renewable energy projects that support Saudi sustainability goals.”
This MoU serves as an important milestone in Mumtalakat and Masdar’s joint efforts to promote sustainable development towards a greener future. This MoU has the potential to support the creation of high-skilled employment opportunities in Bahrain by training local talent and enabling them to actively engage in the clean energy industry. This is in line with the Kingdom of Bahrain’s reforestation plan, which aims to double tree planting by 2035 and achieve net-zero carbon emissions by 2060.
About Mumtalakat:
Mumtalakat is the sovereign wealth fund of the Kingdom of Bahrain. With a mission to grow Bahrain’s wealth through long-term investments based on sound financial, strategic and governance principles, Mamtalakat has invested in 50 companies with a portfolio spanning various sectors including industrial manufacturing, financial services, telecommunications and industrials. We hold stock in more than 100 commercial companies. real estate, logistics, consumer products, healthcare, education.
For more information about Mumtalakat, please visit www.mumtalakat.bh.
For more information, please contact us below.
Jenan Almascati
Director – Communications and External Affairs
Bahrain Mumtalakat Holding Company
Email: jalmaskati@mumtalakat.bh