UAE, Malaysia sign $8 billion renewable energy agreement

UAE, Malaysia sign $8 billion renewable energy agreement

INVESTMENT deals worth $8.6 billion were signed during Malaysian Prime Minister Anwar Ibrahim’s two-day diplomatic visit to the country this week.

Under the deal, the Abu Dhabi Future Energy Company PJSC or Masdar will help develop renewable energy projects in Malaysia by 2025.

The Malaysian investment minister who accompanied the premier during his diplomatic visit to the UAE capital said that renewable energy and low-carbon solutions are “at the heart” of Malaysia’s new target investments.

The Southeast Asian nation has set ambitious targets for its energy transition as it hopes to reach a renewable energy capacity of 70 percent by 2050.

To achieve this, Malaysia requires a 10-fold increase in its capacity from 2023 to 2050, which the government estimates will require an investment of $143 billion.

Malaysia sees the UAE as a reliable partner in achieving its renewable energy goals.

Apart from renewable energy, the multibillion-dollar deals also involved a commitment to investment cooperation in sectors such as aerospace and logistics.

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