A general view taken on May 29, 2019 shows the sea front promenade in the Emirati capital Abu Dhabi on May 29, 2019. (PHOTO / AFP)

Hong Kong-based Unity Group, a provider of energy-saving and green energy management solutions, signed a memorandum of understanding on Wednesday with Lead International Investment LLC, a subsidiary of EIH Ethmar International Holding, headquartered in Abu Dhabi, United Arab Emirates, as the two seek to leverage their respective strengths to promote green and sustainable development in the Middle East.

Under the memorandum, Unity Group will establish a joint venture company with Lead, as it bets big on the growing lighting solutions industry in the UAE.

The joint venture aims to provide energy management contract energy-saving solutions in the Middle East with an initial plan for installation in 700 commercial, residential, and corporate buildings in Abu Dhabi. Services will then be expanded to cover the entire UAE and the broader Middle East market.

The partnership aims to meet the Middle East’s anticipated 100 gigawatt demand by 2030 through procuring and providing private-label solar equipment

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The partnership aims to meet the Middle East’s anticipated 100 gigawatt demand by 2030 through procuring and providing private-label solar equipment. Through the collaboration, the two hope to establish a dedicated platform for carbon emission reduction and offsetting.

“It’s a tremendous opportunity for us to offer our energy-saving technology and expertise, while our Middle Eastern partner can provide their local resources and market knowledge,” said Mansfield Wong, chairman and CEO of the Unity Group.

“By providing energy-saving solutions to 700 buildings in Abu Dhabi, we expect average cost savings of approximately $17,500 per building.”

Wong expressed his hope for the joint venture company to go public in Abu Dhabi, with the group overseeing operational aspects.

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Abdulla AI Hosani, CEO of Lead International Investment, said: “There’s a big opportunity in the UAE, especially for the energy cost saving. I believe that Unity Group can provide us with the necessary technology to achieve substantial savings on a large scale.”

He said he hopes that the strategic alliance would enhance the synergistic effect of both parties’ strengths and resources in the field of solar energy and energy-saving equipment.

Liu Yang, chief investment officer of Atlantis Investment Management, also known as the “Chinese Warren Buffett”, attended the signing ceremony.

Commenting on the changing global landscape, Liu said that the challenges posed by rising interest rates and inverted yield curves, are making investments more difficult.

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She has been exploring investment opportunities in the Middle East, and has subscribed to previously issued convertible bonds of the Unity Group, attracted by the 8 percent return provided by the financial products.

zhoujianxin@chinadailyhk.com