Mensha Ventures, a leading investment firm, has signed a Memorandum of Understanding (MoU) with strategic partners from China, including the Asia Development and Investment Bank, Hoover Investment Group, and Shenzhen Sinomaster Investment Group, to jointly invest $1 billion in green energy infrastructure projects in the UAE and wider GCC region. The agreement was signed on the sidelines of the Annual Investment Meeting held in Abu Dhabi.
The partnership aims to enhance the UAE's sustainable capabilities and capacity by developing green energy infrastructure projects. The initiative will help the UAE achieve its renewable energy targets while reducing its carbon footprint. The collaboration will leverage the collective expertise of the companies to create a lasting impact on the environment and society. The partnership is also expected to drive economic growth and contribute to the UAE's vision for a sustainable future.
In addition, Mensha Ventures and the Asian Development and Investment Bank (ADIB) have signed an MoU to launch their new Green Tech Fund. The fund will primarily focus on the GCC and aims to build portfolio companies with global expertise and best-in-class industry knowledge in green technology. By leveraging Chinese leading innovation and specialized manufacturing, the fund's focus sectors will drive cutting-edge sustainable solutions into the local ecosystem.
The Green Tech Fund's focus sectors will specialize in new energy, including EV infrastructure, engineering, storage, and transportation. The fund will emphasize the transition to clean energy through the means of electrical and green hydrogen energy. Mensha Ventures, along with its strategic partners, will advocate for and promote the movement of transitioning to a sustainable future globally, and most importantly, in the GCC.
The GCC region has seen a significant push towards sustainable solutions in recent years, with countries in the region aiming to reduce their carbon footprint and achieve their renewable energy targets. The launch of the Green Tech Fund marks a significant milestone in the region's efforts to achieve a sustainable future. By bringing together the collective expertise of Mensha Ventures and the Asian Development and Investment Bank, the Green Tech Fund aims to make a lasting impact on the environment and society.
