DUBAI, United Arab Emirates and BURLINGTON, Ontario, April 17, 2023 (GLOBE NEWSWIRE) -- MBM Holding (“MBM”), one of UAE’s most successful and rapidly growing private conglomerates, and Portland Holdings Investco Limited (“Portland”), a related entity of Portland Holdings, a privately held investment firm based in Burlington, Ontario, Canada, are pleased to announce that they have entered into a memorandum of understanding (“MOU”) to collaborate on a range of co-investments and partnerships primarily in the areas of nuclear medicine and targeted radionuclide therapy (“TRT”), and nuclear and clean 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 His Highness Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai,” said Michael Lee-Chin, President and Chairman of Portland Holdings.
“Over the years, the Portland Holdings group of companies 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, many 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. 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 Holdings group of companies has a track record of creating wealth for investors, institutions and countries. We are associated with seven billion-dollar companies across diverse sectors and geographies and are a reputable asset manager. Portland Holdings’ 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 future generations,” added Michael Lee-Chin.
“We are delighted to announce our joint working initiative with the Portland Holdings group of companies 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 Saeed Al Mutawa, CEO of MBM Holding.
“Our partnership aligns perfectly with the vison of His Highness 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," added Saeed Al Mutawa.
“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. The Portland Holdings group of companies is well positioned, through its deep-rooted investments and partnerships, to serve as the gateway to provide access to 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 operationalize a range of investments and projects by ensuring that we optimize today’s assets for a better tomorrow,” said Agha Raza, Chief Operating Officer of Portland Holdings group of companies’ real estate and development business and Director of International Business Development at the Portland Holdings group of companies.
About MBM Holding
MBM is an investment company with its main activities in financial services, real estate property development, investment, A.I. for innovative solutions, vertical farming, consulting, energy conservation and healthcare segments. The company’s aim is to bring global expertise to Dubai and add substantial value to the development in the mentioned sectors. With partners from all over the world, with new innovative concepts, MBM has proven, not only to contribute to the development of Dubai, but to implement the values of the mission and vision of Sheikh Mohammed bin Rashid Al Maktoum. MBM possesses the credibility and proven track record of successful leadership and is one of UAE’s most successful and fastest growing entities. For more information on MBM Holding, please visit www.mbmholding.ae.
About Portland Holdings
Headquartered in Burlington, Ontario, Canada, with new deployment projects underway in the United States, Canada, Portland Holdings is a privately held investment company which manages public and private equities. Portland Holdings group of companies have a direct ownership interest in a collection of diversified businesses globally, operating in sectors that include life sciences, clean energy, tourism, agriculture, insurance, consumer goods and financial services. Portland Holdings operate in over 20 countries and are responsible for directly and indirectly employing thousands of employees in the Americas including Canada and Caribbean. For more information on Portland Holdings, please visit www.portlandholdings.com.
MBM Holding Contact
Riyadh Jamaludeen
riyadh@mbmholding.ae
+971 58 896 1000
Portland Holdings Contact
Agha Raza
araza@aicgh.com
+1 905 331 4242
