Abu Dhabi: Masdar and King Abdullah City for Atomic and Renewable Energy, known as K.A.CARE, have announced the conclusion of 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 the research and development of advanced clean energy technologies, including solar, wind and water.
General Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, attended the signing of the strategic framework agreement in Abu Dhabi where it was signed by Dr Sultan Ahmad Al Jaber, Minister of State, Chairman of Masdar, and Dr Hashim Abdullah Yamani, President of King Abdullah City
Shaikh Mohammad hailed the agreement and its important role in adding to the strong historic and strategic relationship between the UAE under the leadership of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan and the Kingdom of Saudi Arabia.
“Increased cooperation among GCC countries is crucial to advancing security, stability and sustainable growth throughout the region,” said Shaikh Mohammad. “Energy is fundamental to all economic and social development. The enhanced cooperation between Masdar and K.A.CARE will contribute to extending the region’s energy leadership.”
Dr 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.”
K.A.CARE was established in 2010 with the aim of diversifying Saudi Arabia’s energy sources, to include nuclear and renewables.
Through the agreement, Dr Yamani said, King Abdullah City for Atomic and Renewable Energy aims to diversify Saudi Arabia’s energy sources.
“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,” he said.
Since its establishment in 2006, Masdar has played an increasingly important role in extending Abu Dhabi’s energy leadership beyond hydrocarbons, by adopting an integrated, holistic renewable energy business model merging higher education, research and development, investment and sustainable living. The company has deployed close to 1GW of clean energy projects in the UAE and around the world.