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.For all the latest energy and oil 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.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.