Dubai's DEWA launches subsidiary in Silicon Valley
Jumeirah Energy International Silicon Valley will invest in startups producing technology of interest to DEWA, and expand the utility's investment portfolio
Dubai Electricity and Water Authority (DEWA) has launched a subsidiary in the US state of California (pictured).
Jumeirah Energy International Silicon Valley Company (JEI Silicon Valley) will seek innovation, and research and development (R&D) opportunities, on behalf of DEWA.
It is expected that the company will propel DEWA as the Middle East and North Africa's (MENA) premier utility to lead sustainability and energy initiatives.
Located in Silicon Valley, which is popular for fostering the US's tech business community, the company will look to invest in startups producing technologies that are of interest to DEWA.
JEI Silicon Valley will also establish and maintain institutional relations with venture capitalist (VC) firms and investment funds to expand DEWA's investment portfolio.
Saeed Mohammed Al Tayer, the managing director and chief executive officer of DEWA, launched the company at a ceremony in California.
Commenting on the company, Al Tayer said: "DEWA is the first utility from MENA to establish an investment, innovation, and R&D company in Silicon Valley, where the most technology deals happen in the world.
"JEI Silicon Valley will also be instrumental in helping DEWA to achieve its vision to become a sustainable innovative world-class utility," Al Tayer added, according to WAM.