Hong Kong’s Unity Group, a green energy services firm, has launched a joint venture with an Abu Dhabi-based firm Lead International Investment, to optimise energy efficiency in 700 commercial and residential buildings in Abu Dhabi.
Lead is a holding subsidiary of investment company Ethmar International Holding (EIH), an Abu Dhabi based investment company chaired by UAE politician and royal Sheikh Hamdan bin Mohammed bin Zayed al Nahyan, who is a son of the late Sheikh Zayed bin Sultan al Nahyan, Founder of the UAE.
Unity Group also has plans to expand across the UAE and the Middle East, the firms said. It is reported that the deal comes seven months after a whirlwind Middle East visit by Hong Kong’s Chief Executive John Lee Ka-chiu in February to solicit investments in Hong Kong.
“The Hong Kong government and its promotion of the city in the United Arab Emirates definitely helped,” said Mansfield Wong, Chairman of Unity Group, at the signing of a Memorandum of Understanding (MoU) in Hong Kong recently.
According to Wong, Unity’s customised solutions will reduce energy costs by up to US$35,000 per month per building. The venture will also look after procuring and leasing private-label solar equipment to cater to rising demand in the UAE. Both parties will focus on expanding in the UAE, but are also considering scaling operations throughout the Middle East and North Africa region.
“We have a vision,” said Moustafa Rashad, CEO of the energy division of EIH. “We are here to complement our country’s vision regarding the 2030 Sustainable Energy [goal] and to reduce carbon emissions.”