UAE-based tech investment company Mensha Ventures signed a memorandum of understanding (MoU) with China entities -  Asia Development & Investment Bank (ADIB), Hoover Investment Group and Shenzhen Sinomaster Investment Group - to jointly invest $1 billion in green energy infrastructure projects in the region.

The partnership aims to build the UAE’s sustainable capabilities and capacity by developing green energy infrastructure projects.

In addition, Mensha Ventures and ADIB signed an MoU to launch their new green tech fund.

The fund will primarily focus on the GCC and build portfolio companies in green technology.

The fund will focus on sectors such as new energy, including electric vehicle infrastructure, engineering, storage, and transportation.

(Writing  by P Deol; Editing by Anoop Menon)