Abu Dhabi clean energy company Masdar expects a "sizeable part" of its renewable energy growth over the next five years to come from South-East Asia and Central Asia as it plans new projects to double capacity.
The company will look to develop new projects in Malaysia, Vietnam, Indonesia and Taiwan. It is bullish about new opportunities in Uzbekistan, Kazakhstan, Azerbaijan and Armenia.
“Masdar is now a global energy developer and we have an ambitious plan to grow our business further,” said Fawaz Al Muharrami, acting executive director of clean energy at Masdar.
“South-East Asia is an interesting market, and the growth of their economies is high and they have also started focusing on renewable energy targets,” he said.
“They are becoming active in that field and facilitating [a] proper regulatory environment to embody the development of renewable energy projects. We think that there is a good opportunity for us to benefit from this environment and grow further.”
Earlier this month, Masdar signed an agreement with Malaysia’s Petronas to explore renewable energy opportunities in Asia with a focus on Taiwan, Vietnam and Malaysia.
It also invested $100 million in Indonesia last year to develop the country’s first floating solar photovoltaic plant. The 145-megawatt project is being developed in the Cirata reservoir in West Java.
In Central Asia, the company is “extremely active” and is participating in a number of bidding opportunities in Uzbekistan and other countries, said Mr Al Muharrami.
The company is building two clean energy projects in Uzbekistan – a 500MW utility-scale wind project and a $100m 100MW solar plant in the Zarafshon district of the Navoi region.
Last month, the company also signed a memorandum of understanding with Samruk-Kazyna, Kazakhstan's sovereign wealth fund, to develop a 1-gigawatt renewable energy project and is "also discussing with some other countries as well".
Masdar, which is owned by Mubadala Investment Company, currently operates in more than 30 countries with a total investment of about $19.9 billion.
The Masdar City-based clean energy company aims to double its renewable energy capacity in the next five years from the current 10.7 gigawatts.
The company is also evaluating new investment opportunities in Israel following the normalisation of relations between the country and the UAE last year.
It signed an agreement with France’s EDF Renewables in January to “collaborate on existing renewable energy projects and projects under development, while also exploring joint participation in new programmes announced by the government of Israel”.
Israel wants to generate 30 per cent of its energy from renewable sources by 2030, up from a previous target of 17 per cent, as it phases out the use of coal.
“We are really working very closely with them [EDF Renewables] to try and build that platform to buy some of those projects in Israel. Already, some of them are in operation and some of them are under construction.”
In Saudi Arabia, Masdar is developing the 400MW Dumat Al Jandal wind project and 300MW Jeddah solar plant.
“We will continue to be active in Saudi Arabia and it is an important strategic market for us,” said Mr Al Muharrami.
Saudi Arabia is pursuing an ambitious renewable power strategy and plans to add 60 gigawatts of clean energy capacity to the national grid by 2030.
Meanwhile, construction on the 2-gigawatt Al Dhafra solar plant in Abu Dhabi, which will be the biggest in the world when completed, has started and is “going to take a year and a half or so until the project is complete”.
The project is being developed by EDF Renewables, China's JinkoPower and Abu Dhabi National Energy Company, or Taqa.
The plant is expected to become fully operational in 2022 and will generate enough electricity for about 160,000 homes across the UAE.
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
SPECS
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Awar Qalb
Director: Jamal Salem
Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman
Two stars
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Sholto Byrnes on Myanmar politics
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FROM%20THE%20ASHES
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The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
