Middle East

Raffles Family Office Forms Strategic Partnership with Dubai Royalty and CleanTech Firm to Boost Renewable Energy Projects

Raffles Family Office (RFO) has reportedly entered into a collaborative agreement with the private office of a member of Dubai's royal family, Sheikh Ali Rashed Ali Saeed Al Maktoum, and the clean technology energy company National Cooperation New Energy (NCNE).

This partnership aims to spearhead the development of renewable energy projects in Dubai.

Announced on February 8, the three parties have committed to a memorandum of understanding that seeks to harness the growing economic relationship between the Gulf Cooperation Council region and China. Although specific project details are not yet disclosed, the initiative is part of a broader effort to achieve the United Arab Emirates' ambitious goal of making 50% of its cars electric or hybrid by 2050, in line with its commitment made at COP28. The UAE is also working towards establishing 10,000 electric vehicle charging stations by 2020, a significant increase from the 914 stations available in 2023.

The collaboration highlights a shared enthusiasm for fostering strategic investments and developments in renewable energy infrastructure between China and Dubai. Chi-man Kwan, the CEO and co-founder of Raffles Family Office, emphasized the importance of this partnership in advancing RFO's strategic objectives in the region, marking a significant milestone in its efforts to explore and penetrate the market, particularly in renewable energy infrastructure.