Dubal Holding, which is a wholly owned subsidiary of the government of Dubai’s sovereign wealth fund Investment Corporation of Dubai (ICD), has signed a memorandum of understanding (MoU) with French utility firm Electricite De France (EDF Group) to explore collaboration in the development of thermal power plants, technical support services, district cooling, and sustainable energy solutions in the broader GCC.
The agreement will also explore “green” and electricity business opportunities in Brazil and elsewhere, the firms said in a statement.
The MoU was inked by Dubal Holding’s Abdulnasser Bin Kalban and the managing director-Middle-East of EDF, Laurent Clement.
The agreement is in line with the sector’s commitment to enabling the UAE to meet its sustainability objectives.
Commenting on the deal, Abdulnasser Bin Kalban said: “This is an exciting moment for Dubal Holding as it builds a successful long-term partnership with EDF. As an investment arm of the Dubai government in industrial, mining, and power projects, our combined efforts will focus on further industrialisation of Dubai and the UAE in line with our government’s vision.”Sharing his thoughts on the MoU, Laurent Clement, said: “Today’s announcement is the first milestone of our future successful partnership with Dubal Holding in the UAE. By leveraging our combined experience and expertise, we aim to contribute to the development of the UAE industry through smart and innovative low carbon solutions, contributing to Dubai and the UAEs development strategy.”