Musharaka Financial Signs MOU with Jordanian Energy Solutions Company ETA-max
Last Thursday, Musharaka Financial Company signed a Memorandum of Understanding (MoU) with ETA-max Energy & Environmental Solutions, a Jordanian company, laying the foundation for a sustainable partnership between the two parties. The partnership begins with Musharaka Financial acquiring a stake in the Jordanian company, leading to the establishment of a new company specializing in renewable energy, which is expected to enter the Saudi market in the coming months. This new company will focus on designing and implementing solar energy projects using photovoltaic (PV) cells, as well as energy auditing and management projects.
The signing ceremony took place last Thursday in Al Khobar, attended by Mr. Ibrahim Al-Assaf, CEO of Musharaka Financial, and Dr. Ismail Al-Hantoli, CEO of ETA-max Energy & Environmental Solutions.
Mr. Ibrahim Al-Assaf expressed his delight in signing the MoU, highlighting the Jordanian company’s expertise in the field. He stated:
“We recognize that the Hashemite Kingdom of Jordan has been a pioneer among Arab countries in legislating and adopting solar energy as an alternative power source. ETA-max is one of Jordan’s leading specialized companies in renewable energy, with extensive experience in designing and implementing numerous projects. Additionally, the company excels in research, development, and training, which contributes to the advancement of this sector.”
He added:
“In alignment with Saudi Vision 2030 and Musharaka Financial’s strategy for 2018, as well as in response to increasing electricity tariffs, it has become essential to find alternative and practical solutions, particularly for the commercial and residential sectors, to reduce electricity bills—potentially by up to 100%. Therefore, we are establishing this partnership due to our strong belief in the importance of investing in this field, given the rapid changes in local and regional markets and Saudi Arabia’s efforts to diversify its energy sources.”
Al-Assaf emphasized that this step reflects Musharaka Financial’s positive outlook on the renewable energy sector, highlighting the promising opportunities that Vision 2030 and the National Transformation Program will offer across various industries.
Dr. Ismail Al-Hantoli, CEO of ETA-max, expressed confidence in the two companies’ ability to complement each other and achieve success. He stated:
“We have always been keen on entering the Saudi market due to its strength and the promising opportunities in renewable energy.”
He continued:
“We found the ideal partner in Musharaka Financial, given its resources, administrative expertise, and deep understanding of the Saudi market—one of the largest and most significant markets in the region.”
ETA-max is a leading company in photovoltaic (PV) solar energy systems, having implemented over 200 PV system projects across Jordan and conducted 30 energy auditing and management projects in Jordan, Saudi Arabia, and Kuwait.
Photovoltaic (PV) systems are known for being safe, environmentally friendly, and highly reliable in efficiently generating electricity.