Saudi Arabia and the UAE will cooperate to develop renewable energy and clean technology in the region.
The decision, which comes at a time of increasing interest in renewable 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.
Abu Dhabi-owned Masdar and the King Abdullah City for Atomic and Renewable Energy (KACARE) signed an accord to join together to advance the development of renewable energy and clean technology.
Hashim bin Abdullah Yamani, president of KACARE and Sultan Ahmed Al-Jaber, chairman of Masdar, signed the agreement in the presence of General Sheikh Mohamed bin Zayed Al Nahyan, crown prince of Abu Dhabi and deputy supreme commander of the UAE Armed Forces.
Sheikh Mohamed bin Zayed Al Nahyan hailed the pact and its important role in adding to the strong historic and strategic relationship between two countries.
"Increased cooperation among GCC countries is crucial to advancing security, stability and sustainable growth throughout the region," Sheikh Mohamed bin Zayed added.
Through the agreement, Yamani said that 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 regards 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," Yamani said.
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 renewable.
"Energy is fundamental to all economic and social development. The enhanced cooperation between Masdar and KACARE will contribute to extending the region's energy leadership," Al-Jaber said.
"Masdar shares many strategic objectives with KACARE. 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 KACARE, we believe that together, we can further advance the use of renewables and ensure our long term economic and energy security," Al-Jaber added.