Dubai Electricity and Water Authority (Dewa) has announced the launch of its new investment subsidiary, Jumeirah Energy International Silicon Valley Company (JEI Silicon Valley), in California, US.
The investment company will primarily look for opportunities linked to research and development (R&D) and innovation. It will also enhance Dewa’s standing as a leading utility, and a sustainability and energy leader in the Middle East and North Africa (Mena) and the GCC region.
Speaking at the opening ceremony held at the Four Seasons Hotel - Silicon Valley, California, Saeed Mohammed Al Tayer, the managing director and chief executive of Dewa, said: "The launch of the new investment company supports the National Innovation Strategy aimed at making the UAE one of the most innovative countries in the world."
With this, Dewa has become the first utility from the Mena region to establish an investment, innovation and R&D company in Silicon Valley, where the most technology deals happen in the world.
This will help make Dubai the smartest and happiest city 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," said Al Tayer.
The launch ceremony was attended by Abdulla Alsaboosi, Consul General of the UAE in Los Angeles along with other Dewa officials including Waleed Salman, the executive VP (business development and excellence), Abdullah Obaidullah, executive VP (water and civil), Dr Yousef Al Akraf, the executive VP (business support and human resources), Marwan bin Haider, the executive VP (innovation and the future), and Ahmed Abdullah, the senior manager of external communications.
Strategically located in Silicon Valley, JEI Silicon Valley will look for investment opportunities into start-ups with technologies that are of interest to Dewa, and establish and maintain institutional relations with venture capitalist firms and investment funds to expand the reach of its investment portfolio, he added.