ABU DHABI – Prime Minister Datuk Seri Anwar Ibrahim's two-day visit to the United Arab Emirates (UAE) has yielded approximately RM40.6 billion in committed investments for Malaysia, spanning over sectors like renewable energy, aerospace, and logistics.
These investments were facilitated by the Investment, Trade, and Industry Minister through a series of meetings involving Anwar and Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz, and key UAE officials, most of which was held yesterday.
Both Anwar and Zafrul engaged in discussions with influential UAE figures, including Abu Dhabi Investment Authority managing director Sheikh Hamed Zayed Al Nahyan; Mubadala Investment Managing Director Khaldoon Al Mubarak; Abu Dhabi investments minister and Abu Dhabi Qabidah chief executive officer Mohamed Hassan Al Suwaidi; and representatives from the International Holding Company, an impact investment firm based in Abu Dhabi.
A key major investment in Anwar’s visit saw Abu Dhabi Future Energy Company PJSC (Masdar) investing up to RM37.8 billion in developing renewable energy projects in Malaysia with a capacity of 10 gigawatts.
A memorandum of understanding between the Malaysian Investment Development Authority and Masdar was formally exchanged, witnessed by Anwar, Zafrul, and Foreign Minister Datuk Seri Zambry Abdul Kadir.
Zafrul also hosted a roundtable session with captains of industry, attended by Thani Ahmed Al Zeyoudi, the UAE’s state foreign trade minister, where Anwar also addressed the crowd.
This session saw participation from over 40 representatives of 21 UAE companies, including ADNOC, TAQA, Masdar, Al-Dahra, Lulu Group, and Royal Jet, all of whom expressed interest in expanding their investments in Malaysia.
“We are extremely pleased that, despite the brief duration of the working visit, we managed to secure RM40.6 billion in committed investments.
“The Malaysia-UAE trade and investment relationship is robust and spans various sectors.
“Aligned with the New Industrial Master Plan 2030’s (NIMP 2030) Push for Net Zero mission, renewable energy and low-carbon solutions are central to Malaysia’s new target investments.
“Our strategic collaboration with Masdar and the UAE International Investment Council will pave the way for Malaysia’s adoption of new technology that prioritises low-carbon, green manufacturing, and circular economy solutions, among other initiatives,” said Zafrul at a press conference here.
Other than the Masdar investment pledge, Zafrul said that Mida also received an investment commitment of US$600 million (RM2.8 billion) from the UAE, with US$450 million in the logistical sector and US$150 million in the aerospace sector.
Another significant outcome of the visit was the appointment of Petronas president and CEO Tan Sri Tengku Muhammad Taufik Tengku Aziz, as the chairman of the Malaysia-UAE Business Council (MUBC) for the Malaysian chapter, and Mubadala Energy senior vice-president Rashid Alblooshi appointed as chairman for the UAE chapter.
MUBC was jointly established in 2012 by the National Chamber of Commerce and Industry Malaysia and the Federation of UAE Chambers of Commerce and Industry.
The UAE currently stands as the largest investor in Malaysia from the West Asian region and ranks second among the Organisation of Islamic Cooperation member states, with investments from the UAE in various manufacturing projects in Malaysia amounting to RM1.48 billion at present.
Anwar is expected to wrap up his trip to Abu Dhabi today. – The Vibes, October 6, 2023
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