The Abu Dhabi-based renewable energy company Masdar and property developer China Vanke have signed a memorandum of understanding on potential projects.
According to a statement on Masdar’s website, the signing took place during an official visit to China by Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
The memorandum supports the development of a long-term relationship between the companies in both the UAE and China and will explore new partnership opportunities across various industry sectors.
The MoU includes Masdar and Vanke, as well as the Masdar Institute, BGI and China Merchants New Energy Group Limited.
Through the MoU, the companies will identify areas of mutual interest and the scope of potential activities.
The main areas of potential cooperation include a joint R&D focused Masdar and Vanke in Masdar City, Abu Dhabi and the pursuit of renewable energy power generation opportunities.
Commenting on the occasion Dr Ahmad Belhoul, CEO of Masdar said, “Masdar has been at the forefront of the UAE’s efforts to deploy clean energy at home and abroad. International partnerships are key to the diversification of energy sources and to enhancing innovations that will deliver renewable technologies both for the UAE, the Middle East region and for China.
“This MOU and future potential collaborations represent significant steps in our two countries’ missions to secure long-term energy security and sustainable development. On behalf of Masdar, we look forward to this further expansion of economic relations with Chinese companies and China.”
Wang Shi, chairman at Vanke said: “Vanke is a committed supporter for green buildings and other solutions that reduce the carbon footprint of urban areas. We value our partnership with Masdar and UAE companies because they bring a unique set of knowledge and expertise to this global innovation effort. This collaboration will open up new space for Vanke and Chinese industry to be inspired and activated.”