Abu Dhabi clean energy company Masdar and China’s Silk Road Fund (SRF) have signed an initial agreement to jointly invest in renewable energy projects in Belt and Road Initiative (BRI) countries, mainly in developing countries.
Under the deal, Masdar and SRF will establish a strategic partnership to pursue co-investment opportunities in renewable energy projects developed, invested in or operated by Masdar, the Abu Dhabi-based company said on Friday.
The Silk Road Fund plans to invest up to 20 billion yuan ($2.76 billion) in projects alongside Masdar.
The BRI, which was launched by China in 2013, aims to connect several countries in Asia, Europe and Africa through a network of infrastructure and trade-related projects. It encompasses about 65 nations and represents 30 per cent of the world's gross domestic product.
“This collaboration between two companies will provide a major impetus to efforts to advance the energy transition,” said Mohamed Al Ramahi, chief executive of Masdar.
Masdar said it would continue to invest in BRI countries as part of its strategy to reach 100 gigawatts of renewable energy capacity by 2030. The company currently has a capacity of 20 gigawatts.
The UAE, the Arab world’s second-largest economy, has invested $10 billion in a joint China-UAE investment fund, first announced in 2015, to support BRI projects in East Africa.
SRF’s renewable energy portfolio totals more than 7 gigawatts in Belt and Road regions, including the Middle East and Africa.
The UAE is China's largest trading partner in the Arab world, with trade and investment spanning many sectors, including crude oil, petrochemicals and artificial intelligence.
China is the UAE’s leading trade partner with non-oil bilateral trade worth Dh296 billion ($81 billion) in 2023, up 4.2 per cent from the previous year.
“The UAE is a key Belt and Road Initiative participant and one of the most important investment and trading partners for China,” said Zhu Jun, SRF’s chairwoman.
“The partnership will act as an enabler to help further strengthen investment collaboration between the two countries,” she added.
Masdar has signed a string of agreements recently to expand its footprint in Central Asia and the Balkans.
Last week, the company signed a power purchase agreement with Kazakhstan for its one-gigawatt wind farm in the Central Asian country, which is looking to boost the share of renewables in its energy mix.
Earlier this month, Masdar and Albania's state power utility Kesh signed a preliminary joint venture agreement to explore the development of “gigawatt-scale” renewable projects in the country.
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Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
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UNSC Elections 2022-23
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- Deliveroo will team up with Pineapple Express to offer customers near JLT a special treat: free banana caramel dessert with all orders on January 26
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In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.
His advice to anyone starting out in business is to have no fear as life is about taking on challenges.
“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.
"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”
Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.
He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.
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Rating: 3/5
The specs
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• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Brief scoreline:
Manchester United 1
Mata 11'
Chelsea 1
Alonso 43'
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
