PM’s UAE visit generates RM40.6b of committed investments

The Investment, Trade and Industry Ministry facilitated Prime Minister Anwar Ibrahim’s two-day working visit to the United Arab Emirates (UAE), which generated RM40.6 billion of committed investments for Malaysia in sectors such as renewable energy, aerospace and logistics.

The investments secured included a commitment by Abu Dhabi Future Energy Company PJSC (Masdar) to invest up to RM37.8 billion to develop renewable energy projects with a 10GW capacity in Malaysia.

The prime minister commenced his two-day working visit to the UAE on Oct 5.

A memorandum of understanding between the Malaysian Investment Development Authority (Mida) and Masdar was exchanged today.

“We are extremely pleased that despite the brief duration of the working visit, we managed to secure RM40.6 billion of committed investments. The Malaysia-UAE trade and investment relationship is strong and spans various sectors.

“In line with the New Industrial Master Plan 2030’s (NIMP 2030) Push for Net Zero mission, renewable energy and low-carbon solutions are at the heart of Malaysia’s new target investments,” Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz said in a statement today.

To that end, the minister said the ministry’s strategic collaboration with Masdar and UAE International Investment Council (UAEIIC) will pave the way for Malaysia’s pursuit of new technology that prioritises low-carbon, green manufacturing and circular economy solutions.

Investment flows

Meanwhile, Mida and the UAEIIC also agreed to strengthen their existing collaboration to enhance Malaysia-UAE sustainable economic cooperation to increase sustainable investment flows between both countries.

Zafrul also hosted a roundtable session with industry captains, which included his counterpart, UAE Foreign Trade State Minister Thani Ahmed Al Zeyoudi. The session attracted more than 40 representatives from 21 UAE companies, including Abu Dhabi National Oil Company, Taqa, Masdar, Al-Dahra, Lulu Group and Royal Jet.

Many of these companies are existing investors and have expressed interest in expanding their investments in Malaysia.

Another key outcome of the working visit was the new leadership announcement for the Malaysia-UAE Business Council (MUBC).

Petroliam Nasional Bhd president and chief executive officer Tengku Muhammad Taufik Tengku Aziz has been appointed chairperson for the Malaysian chapter, while senior vice-president of Mubadala Energy Rashid Alblooshi has been appointed chairperson for the UAE chapter.

The MUBC was jointly established in 2012 by the National Chamber of Commerce and Industry Malaysia and the Federation of UAE Chambers of Commerce and Industry.

In 2022, the UAE was the second largest trading partner among countries in the West Asia and Gulf Cooperation Council region.

Bilateral trade reached RM38.73 billion in 2022, representing a significant increase of 73.5 per cent year-on-year. In terms of investments, the UAE is currently the largest investor in Malaysia from the West Asian region and ranks as the second largest among the Organisation of Islamic Cooperation member states.

A total of RM6.19 billion of investments from 44 manufacturing projects from the UAE have already been approved as of June 2023, potentially generating 4,534 job opportunities.

- Bernama