Abu Dhabi clean energy company Masdar has signed an initial agreement with the Malaysian Investment Development Authority (Mida) to invest $8 billion in renewable energy projects in the South-East Asian country.
Mida and Masdar will develop up to 10 gigawatts of renewable energy projects by 2035, including ground mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems, the company said in a statement on Monday.
“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 last Friday 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.
Masdar aims to expand its capacity to at least 100 gigawatts of renewable energy by the end of the decade. The company is active in more than 40 countries and has invested in or committed investments to projects worth more than $30 billion. It is also targeting green hydrogen production of one million tonnes per annum by 2030.
“We will bring all our expertise in delivering robust projects, that utilise cutting-edge technologies and generate much needed energy efficiently, to advance Malaysia’s renewable energy goals,” said Mohamed Al Ramahi, chief executive of Masdar.
Last week, MW Energy, a venture between UAE clean energy company Masdar and W Solar Investment, signed an initial agreement with Tajikistan to explore clean energy projects, marking its entry into the Central Asian nation.
In September, Masdar and Indonesia's PLN Nusantara Power signed an agreement to triple the capacity of South-East Asia's largest floating solar photovoltaic power plant.
The companies will be developing the second phase of the Cirata plant in West Java, Indonesia, which will boost its capacity by up to 500 megawatts.
"Our partnership with Masdar represents a pivotal stride in realising Malaysia's sustainable energy aspirations. It underscores our commitment to driving positive change and embracing the transition towards a greener, more sustainable future,” said Arham Rahman, chief executive of Mida.
Malaysia, one of the South-East Asia's largest economies, aims to install 70 per cent renewable capacity and phase out coal power plant completely by 2050.
As of 2020, natural gas constituted about 42.4 per cent of the country's energy supply mix, followed by crude oil and petroleum products at 27.3 per cent and coal at 26.4 per cent, according to government data.
Renewables, made up of hydropower, solar and bioenergy, represented close to 4 per cent.
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Celta Vigo 2
Castro (45'), Aspas (82')
Barcelona 2
Dembele (36'), Alcacer (64')
Red card: Sergi Roberto (Barcelona)
Getting%20there
%3Cp%3EGiven%20its%20remote%20location%2C%20getting%20to%20Borneo%20can%20feel%20daunting%20even%20for%20the%20most%20seasoned%20traveller.%20But%20you%20can%20fly%20directly%20from%20Kuala%20Lumpur%20to%20Sandakan%20and%20Sepilok%20is%20only%20half%20an%20hour%20away%20by%20taxi.%20Sandakan%20has%20plenty%20of%20accommodation%20options%2C%20while%20Sepilok%20has%20a%20few%20nature%20lodges%20close%20to%20the%20main%20attractions.%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Scoreline:
Cardiff City 0
Liverpool 2
Wijnaldum 57', Milner 81' (pen)
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Astra%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202022%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAbdallah%20Abu%20Sheikh%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20technology%20investment%20and%20development%3Cbr%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%24500m%3C%2Fp%3E%0A
Madrid Open schedule
Men's semi-finals
Novak Djokovic (1) v Dominic Thiem (5) from 6pm
Stefanos Tsitsipas (8) v Rafael Nadal (2) from 11pm
Women's final
Simona Halep (3) v Kiki Bertens (7) from 8.30pm
UAE currency: the story behind the money in your pockets
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
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