Malaysia eyes RM5.3b potential investments at Expo Dubai

by HARIZAH KAMEL / Pic by HUSSEIN SHAHARUDDIN

MALAYSIA’S participation at Expo 2020 Dubai is set to yield potential investments worth more than RM5 billion, the Environment and Water Ministry (KASA) said.

Minister Datuk Seri Tuan Ibrahim Tuan Man said a total of three memorandums of understanding (MoUs) and three letters of intent (LOIs) with a total potential investment of RM5.3 billion are expected to be signed between Malaysian and United Arab Emirates (UAE) companies.

KASA’s participation in hosting the Malaysia Pavilion from Oct 18 until Nov 6 at the expo is part of the government’s strategy to interact with all stakeholders in the country’s climate change agenda.

He said IBN Development Bhd will sign an MoU each with Ahjam Sazeh Pte Ltd (estimated at RM2 billion) and Gima Group Inc (RM1 billion) during the third week of the event (Oct 18 until Oct 22).

“The MoUs will generate business value of RM3 billion in the field of green technology development and low-carbon cities in the region,” he said when officiating KASA Week at Expo 2020 Dubai with the theme “Green Growth, Ready for Global Opportunities” on Monday.

The third MoU will be signed between Malaysian Green Technology & Climate Change Corp (MGTC) and Dubai Electricity & Water Authority valued around RM400 million.

KASA said MGTC will ink LOIs with Dimon Developers and City Solar valued at RM1 billion and RM500 million respectively.

The remaining LOI worth RM416 million will be signed by Nextgreen Global Bhd and Fujairah Department of Industry and Economy, Government of Fujairah. KASA’s participation at Expo 2020 Dubai also involves collaboration with Petroliam Nasional Bhd (Petronas), the World Islamic Economic Forum Foundation and strategic partners such as Nextgreen Global, Ficus Venture Capital Sdn Bhd, Freeed Holdings Sdn Bhd, National Art Gallery, UN Global Compact Malaysia, Sunway Planetary Health Centre and other local private companies with international experience.

The country’s participation at the expo is led by the Science, Technology and Innovation Ministry and implemented by MGTC.

On another note, Tuan Ibrahim said as much as 145,000 tonnes of CO2 equivalent is estimated to have been generated from the National Covid-19 Immunisation Programme.

As a result, KASA has launched the Sustainable Vaccination Programme as an intervention measure to manage clinical waste and cultivate green practices.

“A total of 145,000 tonnes of CO2 equivalent produced will be offset to achieve net-zero emissions.

“This initiative is part of a larger framework of national greenhouse gas reduction efforts and demonstrates the country’s commitment in addressing climate change issues.”