UAE, Saudi accord signed to develop green energies

Masdar and the King Abdullah City for Atomic and Renewable Energy sign agreement to promote renewables across region

Masdar and the King Abdullah City for Atomic and Renewable Energy has announced an agreement to work together to advance the development of renewable energy and clean technology across the region.

The accord, which comes at a time of increasing interest in renewables across the region, lays down a framework to jointly invest in clean energy projects and green technology investment funds.

It will also create opportunities for collaboration on research and development of advanced clean energy technologies, including solar, wind and water, a statement said.

The agreement was signed by Dr Sultan Ahmed Al Jaber, chairman of Masdar and Dr Hashim bin Abdullah Yamani, president of K.A.CARE.

Al Jaber said: "Masdar shares many strategic objectives with K.A.CARE. The UAE is a pioneer in deploying renewable energy and is also a major contributor to the international deployment of clean energy.

"By sharing our knowledge and experience with K.A.CARE, we believe that together, we can further advance the use of renewables and ensure our long term economic and energy security."

The King Abdullah City for Atomic and Renewable Energy was established in 2010 with the aim of diversifying Saudi Arabia's energy sources, to include nuclear and renewables.

Yamani added: "We are delighted to sign this agreement with Masdar, that has a proven track record and demonstrated credible achievements during the last eight years in this emerging sector. As renewable energy solutions approach grid parity, we are confident our combined efforts will contribute to the implementation of renewable energy projects in the region and around the world."

Since its establishment in 2006, Masdar has played a key role in extending Abu Dhabi's energy leadership beyond hydrocarbons. The company has deployed close to 1GW of clean energy projects in the UAE and around the world.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Power to the people in Saudi Arabia

Power to the people in Saudi Arabia

As Saudi Arabia fights to control surging electricity demand...

The upstream movement: Oil producers must invest to avoid another crisis

The upstream movement: Oil producers must invest to avoid another crisis

While oil producers continue to debate a reduction in output...

Saudi's Naimi's battles against Western 'greed' shine light on Aramco IPO

Saudi's Naimi's battles against Western 'greed' shine light on Aramco IPO

Former minister releases memoirs 'Out of the Desert'; reveals...

Most Discussed
sponsoredTracking