Saudi sovereign wealth funds Bahrain Mumtalakat Holding Company (Mumtalakat) and Abu Dhabi Future Energy Company (Masdar) will explore cooperation opportunities primarily in the development of clean and renewable energy in conjunction with COP28 announced that they had signed a memorandum of understanding for the purpose. Projects in the Kingdom.
Under the agreement, 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, and build local capacity. We will work together to build and promote innovation in Bahrain.
Additionally, we plan to explore co-investment opportunities in other markets of common interest.
Commenting on the partnership, Shaikh Abdullah bin Khalifa Al Khalifa, CEO of Mumtalakat, said: “We believe that environmental protection and economic growth go hand in hand, so we are delighted to embark on an exciting journey with our Masdar counterparts to explore the possibilities of investing in the clean energy sector.” ”
“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,” he said. Stated.
Mohamed Jameel Al Ramahi, CEO of Masdar, said: “Masdar is pleased to partner with Mumtarakat to advance clean energy initiatives in the Kingdom. At COP28, we will promote positive solutions. We at Masdar are looking forward to the future, as we see the powerful role that cooperation and sharing of expertise can play in achieving this goal.” To work with strategic partners in Bahrain to explore the development of renewable energy projects that support Saudi sustainability goals. ”
“This MoU marks an important milestone in Mumtalakat and Masdar’s collaborative efforts to promote sustainable development towards a greener future,” Al Ramahi said.
“This MoU has the potential to support the creation of highly 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 afforestation plan, which aims to double tree plantations to achieve net-zero carbon emissions by 2035 and net-zero carbon emissions by 2060, he said. added.
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