Hong Kong’s Unity Group signs MoU with UAE firm on green tech as John Lee’s Middle East push bears fruit
Tie-up with Lead International Investment will see Unity optimising energy efficiency in 700 commercial and residential buildings in Abu Dhabi‘The Hong Kong government and its promotion of the city in the United Arab Emirates definitely helped’ land the deal, Unity chairman saysESG investingMia CastagnonePublished: 7:30pm, 27 Sep, 2023Why you can trust SCMPCorrected [2:12pm, 28 Sep, 2023][2:12pm, 28 Sep, 2023]
correcting joint venture to memorandum of understanding
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Hong Kong green energy services company Unity Group has signed a memorandum of understanding with an Abu Dhabi-headquartered firm that is backed by a son of the late founder of the United Arab Emirates (UAE).
The MoU between Hong Kong-listed Unity and Lead International Investment will see Unity using its methods and technologies to optimise energy efficiency in 700 commercial and residential buildings in Abu Dhabi, with deployment later expanding across the UAE and the Middle East, the companies said.
The deal comes seven months after a whirlwind Middle East visit by Hong Kong’s Chief Executive John Lee Ka-chiu in February to solicit investments in Hong Kong.
“The Hong Kong government and its promotion of the city in the United Arab Emirates definitely helped,” said Mansfield Wong, chairman of Unity Group, at the signing of the MoU in Hong Kong on Wednesday.
In the rollout, Unity’s customised solutions will reduce energy costs by up to US$35,000 per month per building, according to Wong.