Dubai Electricity and Water Authority (DEWA) has just launched an investment company in Silicon Valley that’s going to focus on Research and Development (R&D) and innovation.
The investment firm Jumeirah Energy International Silicon Valley Company was launched by the Managing Director and CEO of DEWA, Saeed Mohammed Al Tayer on Saturday, 14th October at a ceremony in California. According to him, the launch of the JEI Silicon Valley is in lieu with the National Innovation Strategy that’s launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, which aims to make the UAE “one of the most innovative countries in the world.”
“DEWA is the first utility from the Middle East and North Africa to establish an investment, innovation and R&D company in Silicon Valley, where the most technology deals happen in the world,” Al Tayer said. He also mentioned that through the JEI Silicon Valley, it will help them identify and build new strategic relationships with R&D centers, universities, and research bodies, and at the same time promote relations with existing partners, and eventually allow them direct access to the cutting-edge market and industry information in order to develop new projects and technology-focused areas.
Most importantly, the JEI Silicon Valley will be creating direct links with the startup network in Silicon Valley, California and all over the US, which allows for direct communications with startups. “We are also establishing the largest government accelerator programme in the world, based on a clear framework, innovation, and R&D. this is being done with incubators to identify solutions, and develop renewable energy technologies,” Al Tayer added.
Aside from that, DEWA is also currently working to establish an R&D center at the Mohammed bin Rashid Al Maktoum Solar Park, with an investment fund of AED500 million up to 2020.