First-Of-Its-Kind Partnership Harnessing the Opportunities Arising from the Tightening Economic Ties Between China and The Middle East
HONG KONG SAR & DUBAI, UAE 8 February 2024 – Raffles Family Office (“RFO“), the private office of His Highness Sheikh Ali Rashed Ali Saeed Al Maktoum(“HH Private Office“), a member of a ruling Royal Family of Dubai, United Arab Emirates (U.A.E.), and National Cooperation New Energy Ltd (“NCNE“) announced the signing of a Memorandum of Understanding (“MoU“) that aims at fostering the advancement of Dubai’s renewable energy infrastructure. The trilateral MoU is a first-of-its-kind partnership which joins forces of APAC’s leading multi-family office, a ruling royal family of Dubai and a leading EV infrastructure company. This significant collaboration underscores a commitment to harnessing the opportunities arising from the tightening economic ties between China and the Middle East.
Chi-man Kwan, Group CEO and Co-founder of Raffles Family Office, remarked, “This MoU signifies RFO’s strategic entry into the Middle East, aligning with the intensifying economic relations between China and the GCC region. This initiative is a testament to RFO’s commitment to its impact investing mandate, honed over dedicated focus over the past years. The partnership with the HH Private Office and NCNE is instrumental for RFO to leverage the significant potential within the region’s energy transition, specifically targeting renewable infrastructure projects. This collaboration marks a crucial step in RFO’s regional exploration and market penetration efforts, setting a new benchmark in its business development trajectory.”
As the U.A.E. pursues its commitment to an energy transition, it sets a target of having 50% electric and hybrid cars on the roads by 2050, as pledged at the 28th UN Climate Change Conference (COP28). The U.A.E.is actively working towards installing 10,000 EV charging stations by 2030, a substantial increase from the 914 stations available in 2023.
The Private Office of His Highness Sheikh Ali Rashed Ali Saeed Al Maktoum said, “We are pleased to establish partnership with RFO, the largest multi-family office in APAC, and NCEC, a leading player in the renewable energy industry. Our vision aligns seamlessly with the objectives of Raffles Family Office and National Cooperation New Energy. We are particularly enthusiastic about collaborating in strategic investment and development between China and Dubai, specifically focusing on renewable infrastructure.”
Liu Yang, Chairman and CEO of National Cooperation New Energy, said, “NCNE has consistently led the way in advancing renewable energy technologies. Our enthusiasm for this partnership with RFO stems from a shared vision to introduce our state-of-the-art solutions to the Middle East. With the strategic support of the HH Private Office, we find ourselves in an advantageous position to make a significant contribution to the region’s energy transition. This collaboration not only aligns with our commitment to sustainable development but also represents a pivotal opportunity to drive meaningful change in the energy sector.”