ABU DHABI – The Malaysian Investment Development Authority (Mida) is expected to expand its cooperation further with the Abu Dhabi Future Energy Company (Masdar) in the area of renewable energy.
Both will seek to jointly develop a capacity of ten gigawatts worth of power at US$8 billion (RM37.82 billion) in Malaysia by 2025.
Prime Minister Datuk Seri Anwar Ibrahim unveiled this collaboration during his two-day working visit to the United Arab Emirates (UAE) capital beginning yesterday to further expand Malaysia’s existing relationship with the gulf country.
Mida is the Malaysian government's principal investment agency while Masdar is UAE's state-owned subsidiary focussed on renewable energy, green technology and sustainable development.
“In an effort to further expand the existing relationship, Malaysia and the UAE will establish cooperation through an investment memorandum of understanding (MoU) between Mida and the UAE International Investment Council (UAEIIC).
“Specifically in the fields of economics, trade, investment, renewable energy, food security, and more, in line with both countries' vision for a sustainable and prosperous future," Anwar posted on Facebook.
“Furthermore, both countries will also expand their cooperation in the renewable energy sector between Mida and Abu Dhabi Future Energy Company PJSC – Masdar, with the aim of jointly developing a capacity of 10 gigawatts worth US$8 billion in renewable energy in Malaysia by 2025,”
Anwar said this after an audience with His Highness Sheikh Mohamed bin Zayed Al Nahyan, who is the president of the UAE and also the ruler of Abu Dhabi, as well as the commander-in-chief of the UAE Armed Forces, at Qasr Al Shati' Palace.
The session served as a platform for exchanging views and ideas on global issues, as well as discussions to strengthen existing cooperation and relationships, he said.
Specifically, the discussion delved on the fields of economics, trade, investment, renewable energy, food security, and more, in line with both countries' vision for a sustainable and prosperous future, he added.
Present with the prime minister were Foreign Minister Datuk Seri Zambry Abdul Kadir and Minister of Investment, Trade, and Industry (Miti) Tengku Datuk Seri Zafrul Abdul Aziz,
Anwar also announced that Tan Sri Tengku Muhammad Taufik Tengku Kamadjaja, president and CEO of Petronas, has been appointed as the chairman of the Malaysia-UAE Business Council (MUBC), while Rashid Alblooshi, senior vice- president of Mubadala Energy, represents the UAE.
The appointments serve harmonise the unity of Malaysia-UAE cooperation in trade and investment, he said.
“God willing, Malaysia and the UAE will continue to explore closer forms of cooperation and relationships to strengthen the economies of both countries,” he said. – The Vibes, October 6, 2023
