Bahrain Mumtalakat Holding Company (Mumtalakat), the sovereign wealth fund of the kingdom and Abu Dhabi Future Energy Company (Masdar) have announced the signing of a MoU on the sidelines of COP28 mainly aimed at exploring collaboration opportunities in the development of clean and renewable energy projects in the kingdom.

As per the deal, Mumtalakat and Masdar will collaborate to develop a pipeline of renewable energy projects, supply cost competitive green energy to Bahrain, build local capabilities and foster innovation in Bahrain by utilising their complementary expertise and know-how.

In addition, they will explore co-investment opportunities in other markets of common interest.

On the collaboration, Mumtalakat CEO Shaikh Abdulla bin Khalifa Al Khalifa said: "We are pleased to embark on this exciting journey with our counterparts at Masdar to explore investment prospects in the clean energy sector, as we believe that environmental preservation and economic growth go hand in hand."

"We firmly believe that through strategic partnerships with industry leaders and investing in sustainable technologies, we can contribute towards creating a lasting positive sustainable impact for future generations," he stated.

Masdar CEO Mohamed Jameel Al Ramahi said: "Masdar is delighted to be partnering with Mumtalakat to drive clean energy initiatives in the kingdom. At COP28, we have seen the powerful role of collaboration and shared expertise in driving positive solutions and Masdar in turn looks forward to working with our strategic partners in Bahrain to explore the development of renewable energy projects in support of the Kingdom’s sustainability goals."

"This MoU serves as a key milestone in the collaborative efforts of Mumtalakat and Masdar in promoting sustainable development for a greener future," stated Al Ramahi.

"This MoU has the potential to support the creation of high skilled job opportunities in Bahrain by training and enabling local talent to actively engage in the clean energy industry. This aligns with the afforestation plan of the Kingdom of Bahrain, which aims to double tree planting by 2035 and achieve net zero carbon emissions by 2060," he added.

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