UAE to jointly develop US$8 billion of renewable power in Malaysia
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THE United Arab Emirates will jointly develop 10 gigawatts of renewable energy capacity worth US$8 billion in Malaysia by 2025, Prime Minister Anwar Ibrahim said.
The Malaysian premier said in a Facebook post that the plans were part of a Memorandum of Understanding signed between the Malaysian Investment Development Authority (Mida) and the Abu Dhabi Future Energy during his visit to Abu Dhabi on Thursday (Oct 5). There were no further details in the post.
Malaysia aims to have 70 per cent of its energy supply come from renewable sources by 2050, compared with around 25 per cent at the end of March.
The government has estimated it would need US$135 billion of investments to meet the goal.
Anwar also said that Malaysia and the UAE will strengthen ties via an investment agreement between the Mida and the UAE’s International Investors Council.
He met with UAE president and Abu Dhabi ruler Sheikh Mohamed Zayed Al Nahyan during his visit, and also attended a roundtable meeting with major UAE companies. BLOOMBERG
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