Bahrain’s sovereign wealth fund, Mumtalakat Holding Company, and Masdar, a renowned renewable energy firm based in Abu Dhabi, have announced the signing of a Memorandum of Understanding (MoU) aimed at fostering collaboration for clean and renewable energy projects within the Kingdom of Bahrain.
The MoU outlines a strategic partnership wherein Mumtalakat and Masdar will collaborate to cultivate 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. Additionally, both entities intend to explore co-investment opportunities in markets of mutual interest.
His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat, expressed enthusiasm for the collaboration, highlighting its potential for aligning environmental preservation with economic growth.
Meanwhile, Mohamed Jameel Al Ramahi, CEO of Masdar, emphasized the significance of partnering with Mumtalakat to drive clean energy initiatives in Bahrain, underscoring the influential role of collaboration and shared expertise in achieving sustainability goals.
This partnership marks a significant milestone in the joint efforts of Mumtalakat and Masdar, aiming to promote sustainable development for a greener future. Notably, the MoU’s implications extend to potential job creation in Bahrain’s clean energy sector, intending to train and empower local talent. This initiative aligns with Bahrain’s afforestation plan, aiming to double tree planting by 2035 and attain net zero carbon emissions by 2060.
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