Abu Dhabi, Sunday, February 25 – The Abu Dhabi Future Energy Company (ADFEC), a wholly owned subsidiary of Mubadala Development Company, signed a cooperative agreement with the Massachusetts Institute of Technology (MIT) at a press conference held today at the Emirates Palace, to establish the Masdar Institute of Science and Technology in Abu Dhabi. The agreement, signed by Sultan Al Jaber, Chief Executive Officer, ADFEC and MIT Chancellor Phillip Clay will pave the way for MIT to assist Masdar in the development of a post-graduate educational and research institute, making it the first institution dedicated to research-driven graduate programs in the region.
The Masdar Institute of Science and Technology is envisioned as the centerpiece of a multi-faceted, regional economic development program – the Masdar Initiative—announced in April 2006 by the Abu Dhabi government.
“The Masdar Institute will serve as the nucleus of the Masdar Initiative, feeding it with talent and innovative technologies to enhance economic development and promote new industries using renewable energy and resources in the emirate and the region. This cooperative agreement will lead to a superior relationship between the Masdar Institute and MIT to jointly address global energy issues,” said Sultan Al Jaber, CEO, ADFEC.
MIT’s Chancellor, Prof. Phillip Clay stated that; “MIT faculty and staff will provide advice, scholarly assessment, and assistance in connection with the establishment of the Masdar Institute. This includes working with ADFEC to develop collaborative research and create indigenous academic programs, to create a strategy for commercializing Masdar Institute’s research results, and to build the institute’s organizational and administrative capabilities.”
“Efforts are underway to assist Masdar with recruiting faculty and administrators and developing joint research and designing educational programs. Student recruitment will follow. The Masdar Institute plans to admit its first post-graduate students in Abu Dhabi in summer of 2009,” added Prof. Clay.
Al Jaber highlighted the importance of developing indigenous R&D capabilities in Abu Dhabi to address issues of particular regional importance, such as energy, water and sustainability. “The guiding philosophy of Masdar is to transform the natural resource wealth of the country to a long term sustainable knowledge economy through the development of human capital that can effectively compete in the global marketplace,” he added.
The collaborative research programs between MIT and the Masdar Institute will be interdisciplinary and will focus on areas central to the mission of the Masdar Initiative’s goal of diversifying the region’s economy.
The Masdar Institute will operate as an independent, non-profit research and educational institution, conducting courses in English and offering post-graduate degrees to men and women in the UAE, Middle East, North Africa and the South Asian region. It will augment academic resources of the region by providing a suitable vehicle for expanding R&D, developing strategic alliances with global corporations, providing entrepreneurial opportunities for startups, and training and educating a work force to compete in the global market.
About Abu Dhabi Future Energy Company and the Masdar Initiative
Abu Dhabi Future Energy Company is a private joint stock company established in Abu Dhabi and wholly-owned by Mubadala Development Company. Abu Dhabi Future Energy Company has been mandated to drive the Masdar Initiative, champion the adoption of advanced energy technologies, and contribute to the diversification and sustainable growth of the Abu Dhabi economy. The company will also host a “think tank” that advises the government on the development of new sustainability policies.
Within the Emirate of Abu Dhabi, the Abu Dhabi Future Energy Company will operate in close coordination with the Abu Dhabi National Oil Company (ADNOC) Abu Dhabi Water and Electricity Authority (ADWEA) the Abu Dhabi Environmental Agency, and the Abu Dhabi Education Council, as well as various other government departments.
The Masdar Initiative is Abu Dhabi’s multi-faceted response to the need for a global focus on resource conservation and the alternative energy sector. It is designed to ensure in the long term that Abu Dhabi retains and even grows its share of the global energy market. It is a new economic program in Abu Dhabi aimed at fostering the development and commercialization of advanced and innovative technologies in renewable energy.
About The Massachusetts Institute of Technology (MIT)
Located in Cambridge, Massachusetts, USA, the mission of MIT is to advance knowledge and educate students in science, technology, and other areas of scholarship that will best serve their nation and the world in the 21st century. MIT is committed to generating, disseminating, and preserving knowledge and are committed to working with others to bring this knowledge to bear on the world’s great challenges. MIT is dedicated to providing its students with an education that combines rigorous academic study and the excitement of discovery with the support and intellectual stimulation of a diverse campus community. MIT seeks to develop in each member of the MIT community the ability and passion to work wisely, creatively, and effectively for the betterment of humankind.
