- The primary objective of this partnership is to bolster the UAE’s sustainable capabilities and capacity.
- The company also signed a MoU with Asian Development & Investment Bank (ADIB) to launch their new Green Tech Fund.
- Mensha Ventures and the Asian Development & Investment Bank (ADIB) signed an MoU to launch their new Green Tech Fund.
UAE’s Mensha Ventures has entered into an agreement with partners from China to jointly invest $1 billion in green energy.
The Memorandum of Understanding was signed on the sidelines of Annual Investment Meeting 2023 in Abu Dhabi.
The partnership that brings together the Asia Development and Investment Bank, Hoover Investment Group and Shenzhen Sinomaster Investment Group (SMT).
By investing $1 billion in UAEs green capabilities, the initiative is billed to accelerate the country’s transition to clean energy.
The primary objective of the partnership is to bolster UAE’s sustainable capabilities in developing green energy infrastructure projects.
This initiative will help the UAE realise its renewable energy targets while reducing its carbon footprint. This partnership will see the companies leverage collective expertise to create a lasting impact on the environment and society.
UAE’s vision for a sustainable future
While the partnership is expected to open new avenues for sustainable investment in the region, it will also drive economic growth and contribute to the UAE’s vision for a sustainable future.
Overall, Mensha Ventures and its strategic partners from China marks a significant milestone in UAE’s goal to achieve a sustainable industrial future.
What more, Mensha Ventures Chairwoman Dr Tan and the Asian Development & Investment Bank (ADIB) Mr Sun signed an MoU to launch their new Green Tech Fund.
The fund will have a primary focus in the GCC and aims to build portfolio companies with global expertise and best-in-class industry knowledge in green technology.
By leveraging Chinese innovation and specialized industry practice, the focus sectors will drive cutting-edge sustainable solutions into UAE’s ecosystem.
Green hydrogen energy
The Green Tech Fund’s focus sectors will specialize in new energy, including electronic vehicle infrastructure, engineering, storage, and transportation.
It will focus on the transition to clean energy through the means of electrical and green hydrogen energy. Mensha Ventures will be advocates and ambassadors, along with its strategic partners, in GCC’s transition to a sustainable future.
The GCC has seen a significant push towards sustainable solutions in recent years. Increasingly, regional countries are seeking a cut in their carbon footprint to achieve their renewable energy targets.
Green Tech Fund seeks to play a vital role in this transition by investing in innovative green technology projects and driving sustainable solutions into the region’s ecosystem.
Overall, Green Tech Fund marks a significant milestone in the region’s efforts to achieve a sustainable future. Further, Green Tech Fund will make a lasting impact on the environment and society. This is by bringing together the collective expertise of Mensha Ventures and the Asian Development & Investment Bank.