Dubai-based tech investment firm Mensha Ventures has signed preliminary agreements with Chinese companies to invest $1 billion in sustainable energy projects in the Gulf Cooperation Council country.

Discussed at the annual investment conference in Abu Dhabi, the partnership aims to increase the UAE's sustainable development capabilities through the development of green energy infrastructure projects. These Chinese companies include the Asian Development Investment Bank, Hoover Investment Group and Shenzhen Guofu Investment Group. A highlight of the agreement is a new green technology fund being developed between Mensha Ventures and the Asian Development Investment Bank, which aims to build portfolio companies focused primarily on the green technology sector in the GCC.

The fund will focus on innovation, specialized manufacturing, new energy, electric vehicle infrastructure, engineering, storage, transportation and other sustainable solutions, and will emphasize the transition to clean energy by promoting electricity and green hydrogen. While this partnership is expected to open new avenues for sustainable investment opportunities in the region, it will also drive economic growth and contribute to the UAE's vision for a sustainable future

The wider GCC has also seen a major push towards sustainable solutions in recent years, with countries in the region aiming to reduce their carbon footprint and meet their renewable energy targets.

Research firm Frost & Sullivan reports that the market opportunity for proposed renewable energy capacity additions, digital grids and related solutions is expected to be between US$35 billion and US$45 billion, which will be realized in the GCC over the next 10 to 15 years. The GreenTech Fund aims to play an important role in this transition by investing in innovative greentech projects and introducing sustainable solutions into the region's ecosystem. Keywords: overseas news, engineering news

Organizations in the UAE and China have been collaborating to support projects related to sustainable energy projects. During its visit to China, Emirates Nuclear Energy signed three agreements with China National Nuclear Corporation and its subsidiaries, focusing on possible cooperation in the operation and maintenance of nuclear energy.Editor/XingWentao