Abu Dhabi companies signed a series of deals in real estate and energy with Chinese companies as Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi, seeks to improve trade and political ties with Beijing during his three-day trip to the country.
Masdar, the renewable energy company, will work with two Chinese companies intertwining real estate and renewables. It has partnered with China Vanke for further green building development in Masdar City.
The sustainable eco city will have additional residential apartments, two student accommodation blocks and a 10,000 square metre office building. “This collaboration will open up new space for [China] Vanke and Chinese industry to be inspired and activated,” said Wang Shi, the chairman of China Vanke.
At the same time, the Abu Dhabi company will work with China Merchants New Energy Group (CMNE) for renewable energy power generation.
The Asian company has yet to penetrate the region, but it has 20 grid-connected solar power plants with a total of 672 megawatts throughout China.
Masdar’s chief executive, Ahmed Belhoul, said that the company looked forward to “further expansion of economic relations with Chinese companies and China”.
These statements come after his comments last week in Paris during the climate conference that Chinese companies were keen to further penetrate the regional energy market.
CMNE Group, which is involved in the renewables energy business, and Beijing Genomics Institute will also work with Masdar Institute to collaborate on research, industrialisation and commercialisation of projects, including clean energy applications.
Meanwhile, Mubadala Petroleum and China National Petroleum Corporation (CNPC) signed a non-binding agreement for international exploration and production, onshore and offshore, as well as liquefied natural gas projects.
The signings point to China’s increased economic interest in the UAE and region.
“I’m convinced that this agreement will be very conducive to further expanding our collaboration with the Abu Dhabi partners on a global scale,” said Li Yueqiang, international director general of CNPC. “CNPC is poised to work closely with Mubadala to make substantive progress soon, delivering value to both our companies.”
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