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Masdar inks deal in support of Vision 2030

Staff Report/Abu Dhabi
Filed on January 16, 2020

(Photo by Ryan Lim)

Masdar and the Abu Dhabi Ports Company have signed a Memorandum of Understanding to support the economic growth in the capital and achieve the objectives of Abu Dhabi Economic Vision 2030.

The MoU was signed by Yousef Ahmed Baselaib, Masdar executive director of sustainable real estate, and Capt Maktoum Al Hoqani, chief corporate authority officer at Abu Dhabi Ports, on the sidelines of Abu Dhabi Sustainability Week.

Masdar and Abu Dhabi Ports, representing its subsidiaries, Khalifa Industrial Zone Abu Dhabi, Kizad and Abu Dhabi Free Zone, will collaborate to develop a framework that will allow investors in Abu Dhabi to expand their business operations across the zones under their management, while also reducing costs and increasing the competitive advantage of the emirate.

Egypt renewables project

Also at Sustainability Week, Masdar and Egypt's Infinity Energy have agreed to establish a joint venture company, Infinity Power, to develop utility-scale and distributed solar energy and wind power projects in Egypt and Africa.

The agreement was signed by Masdar CEO Mohamed Jameel Al Ramahi, Infinity Energy managing director and co-founder Mohamed Elamin Ismail Mansour and Infinity Energy CEO Nayer Fouad.

Spain, Portugal JV

Meanwhile, Masdar - also a subsidiary of Mubadala Investment Company - and Cepsa, a global energy and chemical company owned by Mubadala and The Carlyle Group, announced an agreement to establish a joint venture company to develop renewable energy projects in Spain and Portugal.

The 50:50 venture was announced at Abu Dhabi Sustainability Week, in the presence of Khaled Abdulla Al Qubaisi, CEO for aerospace, renewables and ICT at Mubadala Investment Company, and Mussabbeh Al Kaabi, CEO for petroleum and petrochemicals, Mubadala Investment Company and director and chairman of Cepsa. The new company, Cepsa Masdar Renovables, will focus on developing wind and solar photovoltaic projects in the Iberian Peninsula.

- business@khaleejtimes.com


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