Raffles Family Office (RFO), a Hong Kong- and Singapore-based multi-family office; the private office of Sheikh Ali Rashed Ali Saeed Al Maktoum, a member of a ruling royal family of Dubai in the United Arab Emirates (UAE); and the China-based renewable energy technology firm National Cooperation New Energy (NCNE) have signed a memorandum of understanding (MoU) that aims to foster the advancement of Dubai’s renewable energy infrastructure.

The trilateral partnership is the first time, the partners say, that an Asia-Pacific multi-family office, a ruling royal family of Dubai and an electric vehicle infrastructure company have joined forces with “a commitment to harnessing the opportunities arising from the tightening economic ties between China and the Middle East”.

The MoU was signed by Chi-man Kwan, RFO’s group CEO and co-founder; Liu Yang, chairman and CEO of NCNE; and Sheikh Ali Rashed Ali Saeed Al Maktoum.

As the UAE pursues its commitment to an energy transition, it has set a target of having 50% electric and hybrid cars on the roads by 2050, a pledge made at the 28th UN Climate Change Conference. The country is actively working towards installing 10,000 electric vehicle charging stations by 2030, a substantial increase from the 914 stations available in 2023.

“This MoU signifies RFO’s strategic entry into the Middle East, aligning with the intensifying economic relations between China and the GCC [Gulf Cooperation Council] region,” Kwan notes. “It is a testament to our impact investing mandate.

“The partnership is instrumental for our company to leverage the significant potential within the region’s energy transition, specifically targeting renewable infrastructure projects. It also marks a crucial step in the company’s regional exploration and market penetration efforts, setting a new benchmark in its business development trajectory.”