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Local Company Mubadara Signs Joint Venture Agreement With Irish Green Technology Company in Riyadh

Monday, April 27, 2015

Local Company Mubadara today announced that it has signed a joint venture with Irish waste to energy technology company grew energy plc establish a $100 million plant within the industrial region of Riyadh
The joint venture will “showcase” the grew energy technology with a view to developing future similar type operations throughout the kingdom. The deal will initially generate annual revenues of around $10m, with potential to grow substantially over the next 2 years
Mubadara and grew energy signed the agreement in Riyadh this morning in the presence of Saudi minister and Irish minister Mr Richard bruton
Announcing the agreement, Khalid Othman, chief executive officer of mubadra, said:
Waste management in Saudi Arabia is a growing issue and our joint venture with grew energy is well equipped to deliver a safe sustainable solution in Riyadh and nationwide
Mr.khalid went on to say, mubadara is delihted to have come across grew energy in its search for suitable technology partner. We have witnessed first-hand the energy technology, along with the in-depth technical expertise and skillset of its much experienced team
Mr pearse o`kane, coo of grew energy said:
Mubadra`s multi-disciplined group of companies comes with a clear understanding of these particular market requirements, which nicely complements our technology and services. This agreement represents the beginning of excellent opportunity for both our companies, he added
Congratulating mubadra on its announcement, minister said:
I`d like to warmly congratulate mubadara on signing this significant agreement. This partnership with grew energy is remarkable achievement for an entrepreneurial Saudi company. Mubadra is a fine example of the success that specialized Saudi companies can achieve by securing world class technologies and clint-tailored solutions. I wish them every success in this partnership and with their future plans

Minister bruton added his best whishes to the partnership commenting:
The promotion of green policy is leading priority for both our respective governments and partnerships such as this one represents a significant step forward in the direction of greener, more sustainable future.