Partnership between Mida and Abu Dhabi Future Energy Company to jointly generate renewable energy capacity worth RM37.76 billion.
PETALING JAYA: The Malaysian Investment Development Authority (Mida) and the UAE International Investment Council have signed a memorandum of understanding (MoU) to solidify economic cooperation between both countries, particularly in sustainable energy.
“God willing, Malaysia and the UAE will continue to explore closer forms of cooperation and relations to strengthen the economies of both countries,” Prime Minister Anwar Ibrahim said in a Facebook post.
One of the collaborations will be facilitated through an MoU between Mida and Abu Dhabi Future Energy Company PJSC (Masdar). The partnership will jointly generate renewable energy capacity worth US$8 billion (RM37.76 billion), with a capacity of 10 GW in Malaysia by 2025.
Furthermore, Anwar said that the Malaysia-UAE cooperation was also harmonised with the appointment of Petronas president and CEO Tengku Muhammad Taufik as the Malaysia-UAE Business Council chairman.
Meanwhile, Mubadala Energy senior vice-president Rashid Alblooshi is representing the UAE in the council.
Earlier, the prime minister, who is on a two-day working visit to the UAE, held a meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan at the Qasr Al Shati’ Palace.
Anwar was accompanied by foreign minister Zambry Kadir and investment, trade and industry minister Tengku Zafrul Aziz.
The prime minister said the session was an opportunity to exchange views and ideas related to global issues as well as holding discussions to strengthen existing cooperation and relations in the fields of economy, trade, investment, renewable energy, and food security.
Meanwhile, Tengku Zafrul said Malaysia foresees vast trade and investment opportunities that should be capitalised on to benefit both countries.
He highlighted that the UAE has always been a gateway for Malaysia to enter the West Asian market.
“UAE is currently the largest investor in Malaysia from the West Asian region and the second largest among the Organisation of Islamic Cooperation member states.
“To date, investments from the UAE totalled US$388.8 million (RM1.48 billion) in various manufacturing projects in Malaysia,” he said in his opening remarks during a roundtable meeting between the prime minister with captains of industry in Abu Dhabi, UAE yesterday.
He noted that Asean offers vast potential, given its population of 678 million and a combined gross domestic product (GDP) of US$3.7 trillion (RM17.4 trillion) in 2022.