Dubai Electricity and Water Authority (DEWA) has launched an investment company based in Silicon Valley that will look for opportunities linked to research and development (R&D) and innovation.
Saeed Mohammed Al Tayer, managing director and CEO of DEWA, on Saturday launched Jumeirah Energy International Silicon Valley Company at a ceremony in California.
He said: “The launch of the new investment company supports the National Innovation Strategy, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, to make the UAE one of the most innovative countries in the world.
"DEWA is the first utility from the Middle East and North Africa to establish an investment, innovation and R&D company in Silicon Valley, where the most technology deals happen in the world,” added Al Tayer.
He said JEI Silicon Valley will identify and build new strategic relationships with R&D centres, universities and research bodies, promote relations with existing partners, and enable direct access to cutting-edge market and industry information to shape new projects and technology focus areas.
It will also create direct links with the start-up network in Silicon Valley, California and all over the United States, allowing direct communications with start-ups.
“We are also establishing the largest government accelerator programme in the world, based on a clear framework, innovation, and R&D. This is being done with incubators to identify solutions, and develop renewable energy technologies,” added Al Tayer.
DEWA is currently working to establish an R&D centre at the Mohammed bin Rashid Al Maktoum Solar Park, with a total investment of AED500 million up to 2020.
The work of the centre revolves around four main areas of operation, which include the production of electricity from solar power, smart grid integration, energy efficiency, and water.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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