Mubadala Investment Company, the Abu Dhabi-based global investor, and Schneider Electric, a global leader in the digital transformation of energy management and automation, have agreed to collaborate in a number of sustainability-related areas, both in the UAE and globally.
The agreement provides for the exploration of a multi-faceted collaboration across a number of business opportunities, including Energy as a Service solutions in Europe, the Middle East, Africa and elsewhere globally, as well as manufacturing opportunities in the UAE, said a Wam news agency report.
More broadly, the companies will pursue development of education and research initiatives with leading academic institutions in Abu Dhabi, and explore additional areas for collaboration in clean energy and sustainability, it said.
The memorandum of understanding (MoU) was signed by Musabbeh Al Kaabi, Chief Executive Officer of UAE Investments at Mubadala Investment Company, and Caspar Herzberg, Middle East and Africa President at Schneider Electric, on the sidelines of the Abu Dhabi Sustainability Week.
Musabbeh Al Kaabi said: "This agreement is an important development in Mubadala’s strategy of advancing the development, commercialisation and deployment of clean energy solutions and innovative technologies globally as well as adding to Abu Dhabi’s position as a global center of excellence in the sector.
"Through Masdar and other energy and technology focused companies in our portfolio, in addition to our partnerships with world-class companies, like Schneider Electric, we are building on the UAE’s strong energy heritage and playing a significant role in advancing the transition to lower carbon-intensive solutions required to meet the world’s growing energy needs," added Al Kaabi.
As part of Schneider Electric’s promise to reduce CO2 emissions and help organisations around the world shift to become carbon positive, the company proactively works with partners to create new business models that will promote a more resilient and sustainable future.
"Partnerships are fundamental to the goal of achieving a greener, more sustainable world, and Mubadala and subsidiaries such as Masdar have pioneered new approaches to sustainable business," said Caspar Herzberg. "We believe that, by combining our areas of expertise, we will be able to make significant progress in the space of clean energy and energy efficiency and scale up these ideas to benefit organizations and societies globally." - TradeArabia News Service
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