Emirate’s Mubadala investment Company (Mubadala) announced that it has signed a memorandum of understanding (MoU) with Itali’s Snam Company, one of the world’s leading energy infrastructure operators, to jointly invest and develop hydrogen in UAE, a press release reported.

The agreement implies a number of assessment activities to be carried out by both companies including technical and economic feasibility studies to explore potential projects and solutions to foster and promote hydrogen development in the UAE, and elsewhere globally.

In this regard, Musabbeh Al Kaabi, CEO of UAE Investments, Mubadala, expressed his pleasure for this agreement and said “this signing with Snam is an extension of our joint efforts to develop a hydrogen economy for the UAE, and we are committed to advancing the role hydrogen will play to meet future energy demand globally.”

For his part, Marco Alverà, Chief Executive Officer at Snam, hailed the transaction commenting: “Snam is further strengthening its presence in the UAE and in the Gulf area, which we consider strategic because of their crucial role in the energy transition. We will work closely with Mubadala leveraging our mutual know-how and investment capabilities in order to identify projects of common interest in the UAE and contribute to the development of a hydrogen-fuelled economy.”