In a joint Masdar-GE agreement, the two companies outlined plans to house a new Ecomagination Center, which will focus on sustainable business solutions, and will form a broader R&D relationship.

"Masdar City, and Abu Dhabi, is the perfect location for GE to establish its first Ecomagination Centre," Nabil Habayeb, president & CEO, GE Middle East and Africa, said. "We see enormous opportunities to deploy sustainable technologies in the region, drive new innovation, and harness the region's great interest and willingness in putting these technologies to work."

Masdar is driven by the Abu Dhabi Future Energy Company (ADFEC), a wholly owned company of Mubadala Development Company. The City is a reflection of the long term commitment by the government of Abu Dhabi to accelerate the development and deployment of future energy solutions.

The Ecomagination Center is expected to be up to 4,000 square meters in size and will be located near the Masdar Institute. The center will showcase GE technologies, including wind and solar energy products, water purification technology, and energy-efficient appliances for the home. The Center is part of a strategic partnership signed by Mubadala and GE in July 2008.

GE said that revenues from Ecomagination products and services will increase to $17 billion for 2008. While this is a 21 percent increase over 2007, it's also a decline from a forecast of $18 billion made in May 2008. In 2007, GE raised its ecomagination revenue target from an original goal of $20 billion in annual sales by 2010 to $25 billion in annual sales by the same date.

"This is truly a landmark partnership in the development of Masdar City because it will allow us to jointly develop, deploy, scale and market innovative solutions in renewable energy and sustainability," Masdar CEO Dr. Sultan Al Jaber said. "We are excited that GE will be an anchor tenant at Masdar City, as we aim to build the world's Silicon Valley for clean technology."

The multi-faceted agreement also provides a framework for Masdar and GE to explore areas of R&D collaboration in the development of Clean Tech products. Masdar will be able to leverage GE's technological expertise with the aim of ultimately including these technologies in the Masdar City development.