By Andy Sambidge
Abu Dhabi firm signs deal with 1Malaysia Development Berhad on clean energy projects.
Masdar, the Abu Dhabi renewable energy company is in talks which could lead to plans to build Malaysia's first carbon-neutral city.
Masdar and 1Malaysia Development Berhad (1MDB) have signed an agreement to explore clean technology projects and investments.
The companies also intend to cooperate and invest in carbon reduction projects, under the Kyoto Protocol's Clean Development Mechanism and clean technology venture capital.
If fully implemented, the agreement would lead to the development of new catalytic projects, with an estimated value of $100 million.
The deal with Masdar will further boost Malaysia's ongoing efforts to embrace world-class sustainable practices and clean technology, the companies said in a statement.
Masdar CEO, Dr Sultan Ahmed Al Jaber, said: "Masdar is committed to building strategic partnerships and creating worldwide networks in the push for new low carbon energy technologies and clean, sustainable ways of living. We value this partnership with Malaysia and applaud their move to actively pursue and invest in new green technologies."
1MDB CEO Shahrol Halmi added: "Clean technology is an increasingly important sector for the future economic development of Malaysia. The partnership with Masdar will help expose Malaysia and 1MDB to world-class capabilities in sustainable development."
Shahrol did not rule out the possibility of 1MDB building Malaysia's first carbon-neutral city,
"It is our intent to explore and evaluate business opportunities relating to the development of an environmentally friendly carbon-neutral city in Malaysia," he said.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.