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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Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
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Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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