Saeed Mohammad Al Tayer, MD & CEO of Dubai Electricity and Water Authority, Dewa, today launched Jumeirah Energy International Silicon Valley Company, JEI Silicon Valley, a wholly-owned investment subsidiary of Dewa, at a ceremony at the Four Seasons Hotel — Silicon Valley.
Abdullah Al Saboosi, Consul General of the UAE in Los Angeles, was present.
The investment company will primarily look for opportunities linked to research and development, R&D, and innovation. It will also enhance Dewa’s standing as a leading utility, and a sustainability and energy leader in the Middle East and North Africa and the Gulf Cooperation Council region.
“The launch of the new investment company supports the National Innovation Strategy, launched by His Highness Shaikh Mohammad 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 gives priority to innovation, R&D, sustainability and renewable energy 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. This will help make Dubai the smartest, and happiest city in the world. JEI Silicon Valley will also be instrumental in helping Dewa to achieve its vision to become a sustainable innovative world-class utility,” said Al Tayer.
Strategically located in Silicon Valley, JEI Silicon Valley will look for investment opportunities into start-ups with technologies that are of interest to Dewa, and establish and maintain institutional relations with venture capitalist firms and investment funds to expand the reach of Dewa’s investment portfolio.