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Portland Holdings Investco Limited, a Canadian investment firm led by Michael Lee-Chin, has signed a memorandum of understanding (MoU) with MBM Holding, a UAE-based investment firm, to support co-investments and partnerships in multiple industries.
The MoU, with a particular focus on healthcare and promoting sustainable energy sources, aims to boost investment in critical areas such as renewable energy, nuclear medicine, and targeted radionuclide therapy.
The partnership is in line with the UAE’s vision of promoting sustainable development, investment, and innovation across a range of scientific fields. It also aligns with the UAE’s Year of Sustainability, which aims to pave the way for the country’s hosting of COP 28, a global event that promotes economic growth and environmental sustainability.
Michael Lee-Chin sees the collaboration with MBM Holding as an exceptional opportunity to contribute to the economic progress in scientific fields across Dubai and the UAE, as most countries aspire to transition to a net-zero carbon economy by 2050.
Saeed Al Mutawa, CEO of MBM Holding, expressed his pleasure at the cooperation with Portland Holdings, which supports the Dubai Economic Agenda (D33) that aims to double Dubai’s economy over the next ten years. The partnership will raise the competitiveness of the business sector and increase the volume of private sector investments, particularly in green industries, to ensure a sustainable and prosperous future.
Michael Lee-Chin, who accumulated his wealth through investments in financial companies such as National Commercial Bank Jamaica and AIC Limited, has experienced a decrease in his net worth by $600 million since 2020, bringing it down from $2 billion to $1.4 billion at the time of writing.
Despite the decline in his net worth, Lee-Chin still ranks among the wealthiest black billionaires globally, according to Forbes, with a fortune of $1.4 billion, holding the 2,080th position on the list of the world’s richest individuals.
The partnership between Portland Holdings Investco and MBM Holding demonstrates a shared commitment to sustainable development and innovation. The MoU paves the way for future collaborations that can help address some of the most pressing challenges and contribute to the sustainable development of the UAE and the Middle East and North Africa region as a whole.
