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FINANCIAL NEWS
Scotland to ink deal with Abu Dhabi’s Masdar soon
08 Jan 2012
(MENAFN) Scotland is expected to sign a deal with Abu Dhabi’s green city Masdar next week to boost research into renewable energy, Arabian Business reported.
Alex Salmond, Scotland’s First Minister, said that the partnership will see Masdar academics partner with Scottish universities to seek new technologies to power wind, solar, wave and tidal machines.
Salmond also said that a long term investment is vital to rebalancing the global economy, hinting that the deal could be worth billions.
Masdar chief executive, Dr Sultan Ahmed Al Jaber, last year requested Scotland to fast-track a detailed framework for action in a bid to grow renewable energy research and investment opportunities between the two countries.
In October, Masdar scrapped plans for Masdar City to be carbon-neutral from its launch and pushed back the city’s first phase by two years to 2015. In November it shed staff numbers by nine percent.
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