Hong Kong’s Templewater builds Middle East ties to unlock energy transition deals
Private equity firm eyes opportunities for its entities in vehicle manufacturing and sales distribution in the Gulf Cooperation Council nations
Hong Kong-based private equity firm Templewater is teaming up with countries in the Middle East to unlock investment opportunities arising from the region’s energy transition programmes, while delivering returns for its investors.
It is working with the Future Fund Oman, a 2 billion Omani rial (US$5.2 billion) investment fund established by the sultanate’s sovereign wealth fund, Oman Investment Authority (OIA), to “focus on energy transition and localisation opportunities”, according to Yufeng Wan, partner and head of decarbonisation investment at Templewater.
“These efforts will create enterprise and economic values and contribute to the region’s net-zero emission and economic diversification ambitions,” he said.
The fund seeks to unlock the potential of tourism, industry and manufacturing, green energy, information and communication technology, ports and logistics, mining, fisheries and agriculture, according to its website.
Wisdom Motor, a zero-emission commercial vehicle manufacturer majority-owned by Templewater, aims to build a presence in manufacturing, servicing and sales distribution in six countries that make up the Gulf Cooperation Council (GCC).
It signed a preliminary agreement in March with the OIA, which manages US$50 billion of assets, setting the stage for investment and collaboration in green transport. It had earlier agreed to offer customised hydrogen-powered vehicles in the United Arab Emirates.
“We see a lot of complementary elements between Wisdom Motor and the GCC countries,” chief strategy officer Felix Xu said. “We strive to become the leader in providing zero-emission commercial vehicle solutions which fits perfectly” with the region’s decarbonisation strategy and agenda, he added.
