UAE and Malaysia to jointly develop $8 billion renewable power project

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

The Malaysian Prime Minister said in a Facebook post that the plan is part of a memorandum of understanding signed between Investment Development Authority Malaysia and Abu Dhabi Future Energy Company during his visit to Abu Dhabi on Thursday. The post had no further details.

Malaysia aims to have 70% of its energy supply come from renewable sources by 2050, but as of the end of March, the figure was around 25%. The government estimates that reaching the target will require investment of 637 billion ringgit ($135 billion).

Mr Anwar also said Malaysia and the UAE will strengthen ties through the investment agreement between MIDA and the UAE International Investors Council. During his visit, he met with President His Highness Sheikh Mohammed bin Zayed Al Nahyan and also attended a roundtable discussion with major companies in the United Arab Emirates (UAE).

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