Masdar has signed a memorandum of understanding with Saudi Arabia’s Economic Cities Authority (ECA) to cooperate on projects and services to progress the Saudi Economic Cities initiative and advance the strategic objectives of both parties.
The agreement aims to establish cooperation and knowledge exchange between both parties in planning future sustainable cities and will enable the ECA to enhance its role in Saudi Arabia’s development.
The MoU also covers cooperation on modern infrastructure design for smart cities, economic feasibility reports, developing services in the economic cities, attracting value-adding investments to diversify the economy, and providing “quality” job opportunities for Saudi youth.
Both parties will utilise their relations with relevant authorities to achieve the desired objectives of the agreement, which include consulting services, mutual development, and knowledge exchange in any sustainable development field, in addition to urban development, transportation, economic development, smart cities and renewable energy.
In the presence of Dr. Sultan bin Ahmad Sultan Al Jaber, ADNOC CEO and UAE minister of state, the MoU was signed by Mohamed Jameel Al Ramahi, Masdar’s CEO and Mohanud A. Helal, secretary general of ECA.
“We are delighted to sign this MoU with the Saudi ECA, through which we aim to exchange knowledge and expertise in the sustainable cities field,” Al Ramahi said. “We also aim to share our successful experience in developing Masdar City – one of the most sustainable cities in the world – with our brothers in ECA, and we look forward to promoting and maintaining this cooperation so we can advance sustainable urban development and expand its reach using commercially viable methods.”
Helal said, “This MoU will definitely support ECA and Masdar in achieving their goals by cooperating in a number of vital fields that are essential to the future of the national economy. ECA will continue to build fruitful and constructive relationships with parties that can help us fulfill our role in realising Saudi Vision 2030, which aims to create a vibrant society, a thriving economy, and an ambitious nation. ECA is determined to make an effective contribution to achieving the goals of our wise leadership and the ambitions of Saudi citizens.”