Latest news with #ASEANGCC
Zawya
28-05-2025
- Business
- Zawya
ACWA Power forges strategic partnerships in Malaysia with potential investments of up to $10bln
Riyadh, Kingdom of Saudi Arabia: ACWA Power, the world's largest private water desalination company, and a leader in energy transition and first mover into green hydrogen, announced the signing of Memorandum of Understanding (MoU) and Strategic Partnership Agreements (SPA) with key Malaysian entities during the ASEAN-GCC Summit in Kuala Lumpur, Malaysia. These partnerships create a powerful synergy between Malaysia's innovative ecosystem and Saudi Arabia's energy transition expertise, supporting decarbonisation efforts, and establishing a strategic platform for sustainable development across Southeast Asia. By unlocking unprecedented opportunities in renewable energy, green hydrogen, and advanced water solutions, these collaborations are fully aligned with Malaysia's National Energy Transition Roadmap (NETR), while contributing to Saudi Vision 2030's objectives for global climate leadership. Marco Arcelli, Chief Executive Officer of ACWA Power, said: 'These strategic agreements represent a significant milestone in ACWA Power's expansion in Southeast Asia and reflect our commitment to supporting Malaysia and the broader ASEAN region's energy transition. By combining our global expertise in renewables, water desalination, and green hydrogen with the local knowledge of our Malaysian partners, we are not only accelerating the deployment of clean energy solutions but also fostering technology transfer, job creation, and long-term economic growth and social well-being of the local community. These partnerships are a testament to our shared vision for a sustainable future'. ACWA Power has entered into an MoU with the Malaysian Investment Development Authority (MIDA) to explore the development of up to 12.5GW of power generation capacity by 2040, with an initial investment value of up to USD 10 billion. This collaboration will play a pivotal role in achieving Malaysia's goal of increasing its installed renewable energy capacity to 70% by 2050. Further, ACWA Power has signed SPAs and Heads of Terms (HoTs) for Joint Development Agreements with Tenaga Nasional Berhad (TNB), Terengganu Inc. and UEM Lestra to conduct feasibility studies and jointly develop various energy projects relating to floating solar photovoltaic (FPV), combined cycle-gas turbine (CCGT) and large-scale water desalination to accelerate Malaysia's sustainable energy and water infrastructure development. These agreements build upon ACWA Power's strong track record of delivering high- impact, commercially viable projects across its global portfolio. With operations in 14 countries and an investment value of USD 107.5 billion, ACWA Power continues to lead the global energy transition through strategic partnerships and cutting-edge technology. About ACWA Power ACWA Power (TADAWUL:2082) is a Saudi-listed company and the world's largest private water desalination company, the first mover into green hydrogen, and a leader in the global energy transition. Registered and established in 2004 in Riyadh, Saudi Arabia, ACWA Power employs over 4,000 people and is currently present in 14 countries in the Middle East, Africa, Central Asia, and Southeast Asia. ACWA Power's portfolio comprises 101 projects in operation, advanced development, or under construction with an investment value of SAR 403 billion (USD 107.5 billion) and the capacity to generate 78.9GW of power and manage 9.5 million m3/day of desalinated water. This energy and water are delivered on a bulk basis to address the needs of state utilities and industries on long-term, off-taker contracts under utility services outsourcing and public-private partnership models. Learn more: ACWA Power Media contacts: Media Inquiries Mohammed Al Hasan Media Lead – Media Affairs & External Comms Moalhasan@ Yahya Hamidaddin Executive Director – Media Affairs & External Comms YHamidaddin@
Times of Oman
27-05-2025
- Business
- Times of Oman
Sayyid Asa'ad meets Energy Transition and Water Transformation Minister of Malaysia
Kuala Lumpur: HH Sayyid Asa'ad bin Tarik Al Said, Deputy Prime Minister for International Relations and Cooperation Affairs and Personal Representative of His Majesty the Sultan met in Kuala Lumpur on Tuesday with Fadillah Yusof, Minister of Energy Transition and Water Transformation of Malaysia. The meeting took place on the sidelines of the ASEAN-GCC Summit and the ASEAN-GCC-China Summit. The meeting reviewed relations between Oman and Malaysia, and explored means of boosting cooperation in different areas. The two sides also exchanged views on a set of regional and global issues.
CNA
27-05-2025
- Business
- CNA
Singapore calls for stronger cooperation between ASEAN and Gulf states
KUALA LUMPUR: Singapore Prime Minister Lawrence Wong on Tuesday (May 27) called for stronger cooperation between the Association of Southeast Asian Nations (ASEAN) and the Gulf Cooperation Council (GCC) in a turbulent world. Speaking at the ASEAN-GCC summit held on the second day of the 46th ASEAN summit, he said ASEAN has a population of more than 670 million people and is poised to become the world's fourth-largest economy by 2030. Meanwhile, the GCC is 'rapidly transforming and becoming an important global player in its own right'. The GCC has a membership of six Arab states, including major oil producers Saudi Arabia, the United Arab Emirates and Kuwait. The summit on Tuesday was the second time leaders from both regions are meeting after the first ASEAN-GCC summit in 2023. 'Our relations were boosted by the 2023 framework of cooperation and today's summit can build on this to forge even closer links,' Mr Wong said. The Prime Minister highlighted three areas to boost cooperation, such as trade and investment. He cited the free trade agreement that Singapore has with the GCC as an example that can act as 'a pathfinder' to a wider ASEAN-GCC trade pact. Such a trade deal can help to lower tariffs, strengthen supply chains, promote food security, and enhance investment flows between the two regions. 'So I hope we can redouble our efforts to accelerate the study to examine the possibility of having this (free trade agreement) and also facilitating closer links between our business communities,' said Mr Wong. The GCC–Singapore free trade agreement, which entered into force in September 2013, eliminates 99 per cent of tariffs for Singapore's exports to GCC markets. Singapore was the first non-Middle Eastern country to establish a free trade deal with the GCC, and discussions to upgrade the agreement are under way, Mr Wong said. The Prime Minister also urged ASEAN to explore collaboration between the GCC and the Regional Comprehensive Economic Partnership (RCEP). Doing so would connect the Middle East and the Asia-Pacific economically, he said. The RCEP is a 15-country trade pact signed in 2020. All 10 ASEAN states are included in RCEP, alongside Australia, China, Japan, Republic of Korea, and New Zealand. When combined, the RCEP and GCC economies would represent about 35 per cent of global gross domestic product (GDP). Mr Wong noted that while such a trade pact 'can be very complex', the establishment of a formal partnership between the RCEP and GCC will help to facilitate more trade and investment flows, and help to uphold key principles of the rules-based trading system. The energy transition would also be an area of common interest for both regions, said Mr Wong, noting how ASEAN is developing a regional power grid while the GCC is an energy powerhouse and also investing in greener energy. The digital economy can be another potential area for cooperation. ASEAN is concluding a Digital Economy Framework Agreement this year, which will provide a basis for the bloc to engage external partners. In this case, a digital partnership with the GCC could be considered, said Mr Wong. 'We welcome further cooperation with the GCC on the enablers of the digital economy – including in cybersecurity, data governance, and cross-border data flows.' CALL FOR IMMEDIATE CEASEFIRE IN GAZA Mr Wong noted that both the GCC and ASEAN stand for 'an approach of engagement and dialogue to uphold peace and stability'. 'Where the issue of Palestine is concerned, Singapore continues, and joins colleagues around the table, to call for an immediate ceasefire and the return of the remaining hostages,' he said. 'We also call for all parties to comply with international law, including international humanitarian law.' The Prime Minister reiterated Singapore's support for a negotiated two-state solution, which 'is the only viable path to a comprehensive, just, and durable solution to the conflict'. Earlier in the day, Mr Wong met Qatari Emir Sheikh Tamim Bin Hamad Al Thani on the sidelines of the ASEAN-GCC summit. In a social media post, he said Singapore and Qatar share strong and longstanding ties, and that Singapore looks forward to deepen a 'multifaceted cooperation' amid an increasingly complex and challenging global landscape. He later held a bilateral meeting with Bahrain's Crown Prince and Prime Minister Salman Bin Hamad Al Khalifa. Being small island states, Singapore and Bahrain share a 'similar outlook' of 'always trying to find relevance and add value to the world', said Mr Wong in a post on X, formerly known as Twitter. 'So, we have much to gain from the mutual sharing of experiences and best practices. Look forward to working with His Royal Highness to enhance our partnership.'
