Bahrain’s sovereign wealth fund, Mumtalakat Holding Company, and Masdar, a renewable energy firm based in Abu Dhabi, have signed a Memorandum of Understanding (MoU) aimed at promoting collaboration for clean and renewable energy projects within the Kingdom of Bahrain.
The firm will focus on cultivating a pipeline of renewable energy ventures, providing competitively priced green energy to Bahrain. Moreover, the agreement focuses on cultivating local capabilities, promoting innovation, and harnessing their collective expertise. Both entities intend to explore co-investment opportunities in markets of mutual interest.
This partnership marks a significant milestone in the joint efforts of Mumtalakat and Masdar, aiming to promote sustainable development for a greener future. It is hoped that it will create jobs in Bahrain’s clean energy sector and will help train and empower local talent.
Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat, expressed enthusiasm for the collaboration, highlighting its potential for aligning environmental preservation with economic growth.
Mohamed Jameel Al Ramahi, CEO of Masdar, stressed on the significance of partnering with Mumtalakat to drive clean energy initiatives in Bahrain. This initiative aligns with Bahrain’s afforestation plan, aiming to double tree planting by 2035 and attain net zero carbon emissions by 2060.