MBM Holding, a UAE-based company, and Canadian investment firm Portland Holdings Investco Limited have signed a memorandum of understanding (MoU) to collaborate on co-investments and partnerships across various fields, including nuclear medicine, targeted radionuclide therapy (TRT), and nuclear and renewable energy.
The MoU was signed by Saeed Al Mutawa, CEO of MBM Holding, and Michael Lee-Chin, President and Chairman of Portland Holdings. The partnership aims to adopt innovative solutions in health sciences and nuclear and clean energy, particularly for treating cancer cells and renewable energy, aligning with the UAE’s Year of Sustainability and preparation for hosting COP 28, according to WAM.
Saeed Al Mutawa, CEO of MBM Holding, said, “We are pleased to announce our cooperation with Portland Holdings Investco Limited, which supports the Dubai Economic Agenda (D33) that aims to double Dubai’s economy over the next ten years, raise the competitiveness of the business sector, and increase the volume of private sector investments, particularly in green industries, all to ensure a sustainable and prosperous future. With our diverse expertise, we are committed to delivering innovative solutions that enable us to address some of the most pressing challenges and contribute to the sustainable development of the UAE and the Middle East and North Africa region as a whole.”
Michael Lee-Chin, President and Chairman of Portland Holdings, added, “Our cooperation with MBM Holdings is an exceptional opportunity for us to contribute to the economic progress in scientific fields across Dubai and the UAE. Most countries aspire to transition to a net-zero carbon economy by 2050. Nuclear energy is considered one of the most reliable sources for lowering carbon footprints globally. In addition, other nuclear energy systems, such as micro modular reactors, will be able to produce hydrogen and steam in addition to electricity, which can help augment food security and energy security globally”.
