UAE to jointly develop $8 billion of renewable power in Malaysia

Dubai: United Arab Emirates will jointly develop 10 gigawatts of renewable energy capacity worth $8 billion in Malaysia by 2025, Prime Minister Anwar Ibrahim said.

The Malaysian PM said in a Facebook post the plans were part of a Memorandum of Understanding signed between the Malaysian Investment Development Authority and Abu Dhabi Future Energy Co. during his visit to Abu Dhabi on Thursday. 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 637 billion ringgit ($135 billion) of investment to meet the goal.

Anwar also said that Malaysia and UAE will strengthen ties via an investment agreement between the MIDA and UAE’s International Investors Council. He met with President His Highness Sheikh Mohamed bin Zayed Al Nahyan during his visit, and also attended a roundtable meeting with major UAE companies.