Masdar and the King Abdullah City for Atomic and Renewable Energy (KA Care) today announced an agreement to work together to advance the development of renewable energy and clean technology across the region.

The accord, which comes at a time of increasing interest in renewables across the region, lays down a framework to jointly invest in clean energy projects and green technology investment funds. It will also create opportunities for collaboration on research and development of advanced clean energy technologies, including solar, wind and water, said a statement.

HH General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, attended the signing of the strategic framework agreement, in Abu Dhabi. The agreement was signed by Dr Sultan Ahmed Al Jaber, chairman of Masdar, and Dr Hashim bin Abdullah Yamani, president of KA Care.

Sheikh Mohammed praised the agreement and its important role in adding to the strong historic and strategic relationship, between the UAE and Saudi Arabia.

“Increased cooperation among GCC countries is crucial to advancing security, stability and sustainable growth throughout the region,” he said. “Energy is fundamental to all economic and social development. The enhanced cooperation between Masdar and  KA Care will contribute to extending the region’s energy leadership.”

Dr Al Jaber said: “Masdar shares many strategic objectives with KA Care. The UAE is a pioneer in deploying renewable energy and is also a major contributor to the international deployment of clean energy.

“By sharing our knowledge and experience with KA Care, we believe that together, we can further advance the use of renewables and ensure our long term economic and energy security.”

The King Abdullah City for Atomic and Renewable Energy was established in 2010 with the aim of diversifying Saudi Arabia’s energy sources, to include nuclear and renewables.

Through the agreement, Dr Yamani said, the King Abdullah City for Atomic and Renewable Energy aims to diversify Saudi Arabia’s energy sources.

“We are delighted to sign this agreement with Masdar, that has a proven track record and demonstrated credible achievements during the last eight years in this emerging sector. As renewable energy solutions approach grid parity, we are confident our combined efforts will contribute to the implementation of renewable energy projects in the region and around the world,” Dr Yamani said. - TradeArabia News Service