Nesma signs a Memorandum of Understanding with Templewater to Accelerate Decarbonization and Transform Commercial Fleets into Zero-Emission Vehicles in the MENA region

5 February 2023, Riyadh
Impact Investing

(5 February 2023, Riyadh) Templewater's Chairman and CEO, Mr. Cliff Zhang has joined Hong Kong Chief Executive, John Lee Ka-Chiu and his high-level delegation comprising over 30 influential representatives in different sectors this week in their visit to Saudi Arabia and the United Arab Emirates.

On Sunday, Hong Kong and Saudi Arabia have signed six bilateral agreements to forge closer ties between stock exchanges, investment cooperation, business associations and technology firms, with the Chief Executive vowing the two economies are “entering a new level of cooperation”.

At an investment forum attended by hundreds of business representatives in Riyadh on Sunday night, four Memorandums of Understanding (MOU) and two Letters of Intent (LOI) were exchanged.

Among them was an MOU between Hong Kong’s leading homegrown asset management company Templewater Limited, together with its two subsidiaries, Bravo Transport Services Limited (parent of CityBus and New World First Bus) and Wisdom Motor (a zero-emission commercial vehicle tech company headquartered in Hong Kong) with one of Saudi Arabia’s largest private conglomerates, Nesma.

Leveraging Bravo Transport's experience in operating one of the world’s most efficient bus operations, and Wisdom Motor's expertise in designing and developing zero-emission vehicles, Templewater and Nesma will work together on transforming commercial fleets in the Middle East and North Africa into zero-emission vehicles, an addressable market in excess of US$11 billion per year.

“The MOU is a key milestone for Bravo and Wisdom and it showcases what the Chief Executive mentioned about Hong Kong being well positioned to contribute to Saudi’s Vision 2030, and the mutual benefits that collaborations between the two sides brings,” said Mr. Cliff Zhang.

About Nesma

Nesma Holding is a privately owned Saudi Arabian company, with corporate headquarters in the Red Sea port city of Jeddah and branch offices in all major cities around the Kingdom. In addition to its local operations, Nesma maintains an active international presence through several joint ventures and partnerships both regionally and globally.

Since Nesma Holding was established in 1979, its creation of joint ventures and partnerships with outside companies as well as its acquisition and development of subsidiary companies has bolstered its reputation as a serious player in the diversifying economy of Saudi Arabia. Its reach also extends internationally with significant holdings in Egypt and Turkey and joint ventures with companies from Europe, Africa and Asia.

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About Templewater Group

Templewater Group (“Templewater”) is an alternative asset management firm headquartered in Hong Kong, founded by Cliff Zhang and the Investec Group in 2018 as a spin-off of Investec Group’s Principal Investments Division in Asia, continuing the heritage and investment track record of the Investec Group.

Templewater is a solution-based and trusted partner to institutions, entrepreneurs, and family offices, investing in proprietary deals alongside them. Templewater invests across the alternative asset classes in private equity, growth equity and real estate.

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About Wisdom (Fujian) Motor Company Limited

Founded in China in 2019, Wisdom (Fujian) Motor Company Limited (“Wisdom”) is a technology company that designs and manufactures zero-emission commercial vehicles. With a vision of becoming a global role model for zero-emission smart commercial vehicles, Wisdom focuses on exporting high-end products across the world, having sold and delivered eight types of products in more than 230 vehicles to 13 regions in the three years since inception.

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