MALAYSIA-UAE INVESTMENT COOPERATION TO BOOST EXISTING RELATIONSHIP, FOSTER GREATER PROGRESS -- ANWAR

Malaysia and the United Arab Emirates (UAE) will solidify their investment cooperation to boost their existing relationship and foster greater progress, said Prime Minister Datuk Seri Anwar Ibrahim.

He said that to that effect, investment cooperation between both nations has been further consolidated through a memorandum of understanding (MoU) between the Malaysian Investment Development Authority (MIDA) and the UAE International Investment Council.

He added that both countries have reached an agreement to collaborate in the domain of sustainable energy and the cooperation will be facilitated through an MoU between MIDA and Abu Dhabi Future Energy Company PJSC (Masdar). 

The objective of this partnership is to jointly establish a renewable energy capacity worth US$8 billion (US$1=RM4.725), with a capacity of 10 gigawatts in Malaysia by 2025.

The prime minister said the Malaysia-UAE cooperation related to trade and investment was also harmonised with the appointment of Petronas president and chief executive officer Tan Sri Tengku Muhammad Taufik as the Malaysia-UAE Business Council chairman, while Mubadala Energy senior vice-president Rashid Alblooshi had the privilege of representing the UAE in the council.

“God willing, Malaysia and the UAE will continue to explore closer forms of cooperation and relations to strengthen the economies of both countries,” Anwar said in a Facebook post.

Earlier, the prime minister, who is on a two-day working visit to the UAE, held a meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan, who is also the Ruler of Abu Dhabi, at the Qasr Al Shati' Palace.

Anwar was accompanied by Foreign Minister Datuk Seri Dr Zambry Abdul Kadir and Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

The prime minister said the session was an opportunity to exchange views and ideas related to global issues as well as discussions to strengthen existing cooperation and relations.

“(Discussions were held) especially in the fields of economy, trade, investment, renewable energy, food security, and others that meet the vision of both countries for a sustainable and prosperous future,” he said.

Anwar arrived in the UAE at 5am on 5th October (9am Malaysian time).

In addition to meeting with Sheikh Mohamed, he also held a meeting with UAE Investment Minister Mohamed Hassan Al Suwaidi.

The prime minister also held an informal session with Lulu Group International chairman and managing director M. A. Yusuff Ali, Abu Dhabi Investment Authority managing director Sheikh Hamed Zayed Al Nahyan and Mubadala Group chief executive officer Khaldoon Al Mubarak.

Anwar also attended a round table conference with UAE's captains of industry.