Raffles Family Office, the private office of His Highness Sheikh Ali Rashed Ali Saeed Al Maktoum (HH Private Office), a member of Dubai’s ruling Royal Family (UAE), and National Cooperation New Energy Ltd (NCNE) revealed the signing of a Memorandum of Understanding (MoU) to promote the growth of Dubai’s renewable energy infrastructure.

The trilateral MoU is a first-of-its-kind collaboration between APAC’s leading multi-family office, Raffles, a governing royal family from Dubai, and a major EV infrastructure enterprise.

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This important engagement demonstrates a commitment to capitalising on the potential presented by China and the Middle East’s deepening economic connections.

As part of its energy transition, the United Arab Emirates (UAE) has committed to having 50% electric and hybrid vehicles on the road by 2050, as agreed upon at the 28th UN Climate Change Conference (COP28).

Moreover, by 2030, the United Arab Emirates aims to have 10,000 EV charging stations installed, a significant rise from the 914 stations that will be accessible in 2023.

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.”

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The Private Office of His Highness Sheikh Ali Rashed Ali Saeed Al Maktoum stated: “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 added: “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.”