UAE’s Mensha Ventures, Chinese partners agree to invest USD 1 bn in green energy infrastructure: UAE-based VC outfit Mensha Ventures has signed a non-binding agreement with a group of Chinese strategic partners to jointly invest USD 1 bn in green energy infrastructure in the region, Wam reports. The agreement — signed with firms including the Asia Development and Investment Bank (ADIB), Hoover Investment Group, and Shenzhen Sinomaster Investment Group — should help the UAE reach its renewable energy targets and reduce its carbon footprint, the news outlet notes.

And another agreement with ADIB: On the sidelines of the Annual Investment Meeting in Abu Dhabi, Mensha inked another agreement with ADIB to jointly launch a GCC-focused green tech fund aimed at leveraging Chinese manufacturing to “drive cutting-edge sustainable solutions into the local ecosystem,” according to Wam.

The latest in a string of UAE-China agreements this month: Earlier this week, UAE state-owned Emirates Nuclear Energy Corporation (ENEC) signed three MoUs with Chinese organizations as part of its target to source 6% of its energy needs from nuclear power by 2050. Earlier in May, Abu Dhabi-based infrastructure investment company Monarch Holding signed an agreement with China-based autonomous and electric air mobility company Ehang Holding to establish a manufacturing facility for electric vertical take-off and landing aircrafts.

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