- Masdar, the clean energy producer of the United Arab Emirates, is reportedly in discussions regarding the purchase of a stake in Fiba, a Turkish company. This potential transaction marks the inaugural step in a $51 billion investment initiative between the two nations. The specifics of the negotiations, including the possible deal size, remain undisclosed and have yet to be finalized.
- Masdar, owned by the Abu Dhabi sovereign wealth fund Mubadala Investment Company, Abu Dhabi National Oil Company, and Abu Dhabi National Energy Company, is one of the largest companies generating renewable energy in the world. Masdar plans to increase its clean energy generation capacity from 20 gigawatts to 100 gigawatts by 2030, representing a compounded annual growth rate of approximately 30%.
Why it matters
Turkish President Recep Tayyip Erdogan embarked on an official tour of the UAE, Saudi Arabia, and Qatar, recently, with the aim of attracting economic investments amounting to one trillion dollars. As part of this initiative, the UAE has committed to offering support totaling $51 billion, with approximately $30 billion earmarked for the energy sector.