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.
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
MATCH INFO
World Cup qualifier
Thailand 2 (Dangda 26', Panya 51')
UAE 1 (Mabkhout 45 2')
UAE currency: the story behind the money in your pockets
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
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What are the regulations?
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Stars: Paul Walter Hauser, Sam Rockwell, Brandon Stanley
Two-and-a-half out of five stars
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Courtesy: Carol Glynn, founder of Conscious Finance Coaching
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The bio
Favourite book: Kane and Abel by Jeffrey Archer
Favourite quote: “The world makes way for the man who knows where he is going.” - Ralph Waldo Emerson, American essayist
Favourite Authors: Arab poet Abu At-Tayyib Al-Mutanabbi
Favourite Emirati food: Luqaimat, a deep-fried dough soaked in date syrup
Hobbies: Reading and drawing
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
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