Mumtalakat Holding Company, a sovereign wealth fund of Bahrain, and Masdar, a well-known renewable energy company based in Abu Dhabi, have signed a memorandum of understanding (MoU) to foster cooperation in clean and renewable energy projects within the Kingdom of Bahrain. announced the conclusion of the agreement.
The MoU outlines a strategic partnership in which Mumtalakat and Masdar will work together to foster a pipeline of renewable energy ventures and provide competitively priced green energy to Bahrain. Additionally, the agreement focuses on building regional capacity, fostering innovation, and leveraging collective expertise. Additionally, the companies intend to explore joint investment opportunities in markets of mutual interest.
His Excellency Sheikh Abdullah bin Khalifa Al Khalifa, CEO of Mumtalakat, expressed his enthusiasm for the partnership, highlighting its potential to combine environmental protection and economic growth.
Meanwhile, Masdar CEO Mohamed Jameel Al Ramahi emphasized the importance of partnering with Mumtalakat to drive clean energy initiatives in Bahrain, and said that Masdar is committed to achieving sustainability goals. He emphasized the influential role of cooperation and sharing of expertise.
This partnership marks an important milestone in Mumtalakat and Masdar’s joint efforts to promote sustainable development towards a greener future. Notably, the MoU also has implications for potential job creation in Bahrain’s clean energy sector, with the aim of training and empowering local talent. The initiative is in line with Bahrain’s reforestation plan, which aims to double tree planting by 2035 and achieve net-zero carbon emissions by 2060.