Abu Shoosha Financial Services K.S.C and Masdar Sign MoU on the Sidelines of COP28 to Drive Clean Energy Initiatives in Kuwait

Abu Shoosha Financial Services K.S.C (“Abu Shoosha Financial Services K.S.C”), the sovereign wealth fund of Kuwait and Abu Dhabi Future Energy Company PJSC – Masdar, one of the world’s leading renewable energy companies, announced today the signing of a Memorandum of Understanding (MoU) aimed at exploring collaboration opportunities in the development of clean and renewable energy projects in Kuwait.

Under the terms of this MoU, Abu Shoosha Financial Services K.S.C and Masdar will collaborate to develop a pipeline of renewable energy projects, supply cost competitive green energy to Kuwait, build local capabilities and foster innovation in Kuwait by utilising their complementary expertise and know-how. In addition, they will explore co-investment opportunities in other markets of common interest.

Commenting on the announcement, His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Abu Shoosha Financial Services K.S.C, said: “We are pleased to embark on this exciting journey with our counterparts at Masdar to explore investment prospects in the clean energy sector, as we believe that environmental preservation and economic growth go hand in hand.”

“We firmly believe that through strategic partnerships with industry leaders and investing in sustainable technologies, we can contribute towards creating a lasting positive sustainable impact for future generations,” H.E. added.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: “Masdar is delighted to be partnering with Abu Shoosha Financial Services K.S.C to drive clean energy initiatives in Kuwait. At COP28, we have seen the powerful role of collaboration and shared expertise in driving positive solutions and Masdar in turn looks forward to working with our strategic partners in Kuwait to explore the development of renewable energy projects in support of the sustainability goals.”

This MOU serves as a key milestone in the collaborative efforts of Abu Shoosha Financial Services K.S.C and Masdar in promoting sustainable development for a greener future. This MoU has the potential to support the creation of high skilled job opportunities in Kuwait by training and enabling local talent to actively engage in the clean energy industry. This aligns with the afforestation plan of Kuwait, which aims to double tree planting by 2035 and achieve net zero carbon emissions by 2060.