DUBAI, 19th April, 2023 (WAM) -- UAE-based company MBM Holding signed a memorandum of understanding (MoU) with Portland Holdings Investco Limited, a Canadian investment company based in Ontario, to collaborate on co-investments and partnerships across various fields, including nuclear medicine, targeted radionuclide therapy (TRT), as well as nuclear and renewable energy.

The MoU was signed by Saeed Al Mutawa, CEO of MBM Holding, and Michael Lee-Chin, President and Chairman of Portland Holdings.

As part of the collaboration, the two parties seek to address global challenges by adopting innovative solutions in health sciences and nuclear and clean energy, particularly for treating cancer cells and renewable energy.

The partnership between MBM Holding and Portland Holdings Investco Limited aligns with the directives of the UAE's wise leadership to promote sustainable development, investments, and innovation across various scientific fields. Additionally, it comes as part of the UAE's Year of Sustainability in preparation for the UAE hosting of (COP 28), to promote economic growth and environmental sustainability.

Saeed Al Mutawa, CEO of MBM Holding, said, "We are pleased to announce our cooperation with Portland Holdings Investco Limited, which supports the Dubai Economic Agenda (D33) that aims to double Dubai's economy over the next ten years, raise the competitiveness of the business sector, and increase the volume of private sector investments, particularly in green industries, all to ensure a sustainable and prosperous future. With our diverse expertise, we are committed to delivering innovative solutions that enable us to address some of the most pressing challenges and contribute to the sustainable development of the UAE and the Middle East and North Africa region as a whole."

Michael Lee-Chin, President and Chairman of Portland Holdings, added, "Our cooperation with MBM Holdings is an exceptional opportunity for us to contribute to the economic progress in scientific fields across Dubai and the UAE. Most countries aspire to transition to a net-zero carbon economy by 2050. Nuclear energy is considered one of the most reliable sources for lowering carbon footprints globally. In addition, other nuclear energy systems, such as micro modular reactors, will be able to produce hydrogen and steam in addition to electricity, which can help augment food security and energy security globally".