Masdar, an Abu Dhabi-based clean energy corporation, has inked an initial deal with the Malaysian Investment Development Authority (Mida) to invest $8 billion in renewable energy projects in Malaysia. By 2035, Mida and Masdar propose to build up to ten gigatonnes of renewable energy projects, including ground-mounted, rooftop, and floating solar power plants, onshore wind farms, and battery energy storage systems.
“This important agreement will see the UAE and Malaysia deepen our partnership in the development of renewable energy, directly supporting the nation’s National Energy Transition Roadmap,” said Dr Sultan Al Jaber, Cop28 President-designate and chairman of Masdar.
“It further demonstrates Masdar’s and the UAE’s commitment to supporting countries across the world,” said Dr Al Jaber, who is also Minister of Industry and Advanced Technology.
The UAE and Malaysia held a business round-table in Abu Dhabi to boost trade investment and explore new opportunities. The round-table explored joint venture opportunities in high-growth sectors such as energy, infrastructure, logistics and food security. Malaysia is the UAE’s 12th largest global trade partner, while the Emirates is Kuala Lumpur's second-largest trade partner in the Arab world, according to official figures. Last year, bilateral non-oil trade reached $4.8 billion, compared to $3.5 billion in 2020, as per thenational news.
Masdar intends to increase its renewable energy capacity to at least 100 gigatonnes by the end of the decade. The corporation operates in over 40 countries and has invested in or committed to investments totaling more than $30 billion. It also plans to produce one million tonnes of renewable hydrogen per year by 2030.