Private conglomerate MBM Holding has entered into a memorandum of understanding (MOU) with Ontario-based privately held investment firm, Portland Holdings Investco Limited, to collaborate on a range of co-investments and partnerships.

In a statement, the Portland Group indicated that the MOU with MBM Holding, a successful United Arab Emirates (UAE) company, will primarily target areas of nuclear medicine and targeted radionuclide therapy (TRT), as well as nuclear and renewable energy.

“I am thrilled to have the opportunity to collaborate with MBM to provide support in its mission to contribute to the economic development of Dubai, and the United Arab Emirates as a whole, and to implement the values and vision of Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai,” said Michael Lee-Chin, president and chairman of Portland Holdings.

“Over the years, we have built a portfolio in health sciences and nuclear and clean energy, both sectors being in strong long-term growth industries. There is a need for countries around the world to curb their rising cancer incidence rates through innovative technologies such as TRT. Additionally, most countries in the world aspire to transition to a net-zero carbon emissions economy by 2050. Nuclear energy is considered one of the most reliable sources to lower carbon footprint globally. In addition, other nuclear energy systems, such as micro modular reactors, will have the ability to produce hydrogen and steam in addition to electricity which can help augment food security and energy security globally,” he continued.

“Some of the most sophisticated investors in the world, including sovereign wealth funds, private equity firms, and pension plans, are looking to deploy significant capital in these vital and growing sectors. The Portland group of companies has a track record of accountability and creating wealth for investors, institutions and countries. We are associated with seven billion-dollar companies across diverse sectors and geographies and have established a reputation as a world-class asset manager. Portland’s corporate mantra of ‘Doing Well by Doing Good’ aligns squarely with addressing these two sectors – solving for cancer and creating a clean and sustainable environment for our future generations,” added Lee-Chin.

For his part, MBM Holding CEO Saeed Al Mutawa hailed the partnership augurs well for the continued development of Dubai.

“We are delighted to announce our joint working initiative with Portland Group of Canada in support of Dubai’s visionary D33 Vision for a sustainable and prosperous future. Through our collective expertise in real estate, nuclear healthcare, and smart nuclear energy, we are committed to delivering innovative solutions that contribute to the sustainable development of UAE and the Middle East region as a whole.” said Al Mutawa.

“Our partnership aligns perfectly with the vison of Mohammed bin Rashid Al Maktoum for Dubai and his ambitious plans for economic growth and environmental sustainability, and we are excited to work together to create lasting value for our stakeholders and the communities we serve. We believe that our unique combination of capabilities will enable us to address some of the most pressing challenges facing the region, and we are honored to be part of Dubai’s journey towards a brighter future,” Al Mutawa mused further.

“UAE’s visionary leadership and commitment to development and progress is an example for the rest of the world. As a result, we have been looking for strategically aligned partners in the UAE to allow us to collectively address two of mankind’s biggest unmet needs – solving for cancer and climate change. The Portland group of companies is well positioned, through its deep-rooted investments and partnerships, to serve as the gateway to provide key technologies and intellectual property in health sciences, nuclear and clean energy on a global scale. We’re actively working with our partners at MBM on a collaborative framework to operationalise a range of investments and projects by ensuring that we optimise today’s assets for a better tomorrow.” said Agha Raza, chief operating officer of Portland’s real estate and development business.