The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Abu Dhabi / WAM
Abu Dhabi Future Energy Company (Masdar) signed a memorandum of understanding (MoU) with Saudi Arabia’s Economic Cities Authority (ECA), to cooperate on projects and services to progress the Saudi Economic Cities initiative and in turn advance the strategic objectives of both parties.
In the presence of Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State, CEO of Abu Dhabi National Oil Company (ADNOC), and Chairman of Masdar, the MoU was signed by Mohamed Jameel Al Ramahi, Masdar’s Chief Executive Officer and Mohanud A. Helal, Secretary-General of ECA.
The agreement aims to establish cooperation and knowledge exchange between both parties in planning future sustainable cities and will enable the Economic Cities to play their role in the KSA’s development.
“We are delighted to sign this MoU with the Saudi ECA, through which we aim to exchange knowledge and expertise in the sustainable cities field”, Al Ramahi commented. “We also aim to share our successful experience in developing Masdar City – one of the most sustainable cities in the world – with our brothers in ECA, and we look forward to promoting and maintaining this cooperation so we can advance sustainable urban development and expand its reach using commercially viable methods”.
The MoU also covers cooperation on modern infrastructure design for smart cities, economic feasibility reports, developing services in the economic cities, attracting value-adding investments to diversify the economy, and providing quality job opportunities for Saudi youth.