Abu Dhabi: Arab Investment Development Authority (AIDA) and HB International Investments announced the launch of a joint venture company to invest in various projects in the domain of green energy, telecom and infrastructure development.

“Creating a better world requires teamwork, partnerships, and collaboration, as we need an entire consortium of companies to work together to build a better world within the next few decades. This means corporations must embrace the benefits of cooperating with one another,” said Shaikh Hamad Bin Khalifa Bin Mohammed Al Nahyan, Chairman of the board, AIDA in a statement.

The two companies are expected to invest in renewable energy, EV (Electric Vehicle), infrastructure and telecom sector in Pakistan, Saudi Arabia and Bahrain.

Ali Jahangir Siddiqui, Ambassador at Large for Foreign Investment in Pakistan, welcomed the new initiative and said that the government would address the incentives for foreign direct investments in the country.