The United Arab Emirates (UAE) and Saudi Arabia are teaming up in an effort to promote joint clean energy projects and green technology investment funds, Abu Dhabi's zero carbon city, Masdar, announced Monday.

The UAE's Masdar and Saudi Arabia's King Abdullah City for Atomic and Renewable Energy signed an agreement on Monday, aiming to enhance cooperation in the field of renewable energy and clean technology across the region.

According to an email statement by Masdar the accord, which comes at a time of increasing interest in renewable energy across the region, outlines a framework for the joint projects and will promote the research and development of clean energy technologies, including solar, wind and water projects.

The crown prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan praised the agreement and its important role in adding to the strong historic and strategic relationship, between the UAE and the neighboring kingdom of Saudi Arabia.

"Increased cooperation among (Gulf) countries is crucial to advancing security, stability and sustainable growth throughout the region," said Bin Zayed.

Masdar has been instrumental in setting up Shams-1 the world's biggest solar park which was launched in the desert of Abu Dhabi a year ago for 600 million U.S. dollars.

The King Abdullah City for Atomic and Renewable Energy was established in 2010 with the aim of diversifying Saudi Arabia's energy sources.

"We are delighted to sign this agreement with Masdar, which has a proven track record and demonstrated credible achievements during the last eight years in this emerging sector," said Hashim bin Abdullah Yamani, president of the King Abdullah City. Endi

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