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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Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
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THE SPECS
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Fuel consumption: 6.8L/100km
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Price: Dh146,999
Super Rugby play-offs
Quarter-finals
- Hurricanes 35, ACT 16
- Crusaders 17, Highlanders 0
- Lions 23, Sharks 21
- Chiefs 17, Stormers 11
Semi-finals
Saturday, July 29
- Crusaders v Chiefs, 12.35pm (UAE)
- Lions v Hurricanes, 4.30pm
The specs: 2018 Renault Koleos
Price, base: From Dh77,900
Engine: 2.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 170hp @ 6,000rpm
Torque: 233Nm @ 4,000rpm
Fuel economy, combined: 8.3L / 100km
Types of policy
Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.
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Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.
Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.
WHEN TO GO:
September to November or March to May; this is when visitors are most likely to see what they’ve come for.
WHERE TO STAY:
Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.
HOW TO GET THERE:
Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.
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Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
