Aswat Asharq Al-Awsat :

Aswat Asharq Al-Awsat : Malaysia Preparing to Join BRICS Economic Group

Prime Minister Anwar Ibrahim. (Reuters-Archives)
Prime Minister Anwar Ibrahim. (Reuters-Archives)
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Malaysia Preparing to Join BRICS Economic Group

Prime Minister Anwar Ibrahim. (Reuters-Archives)
Prime Minister Anwar Ibrahim. (Reuters-Archives)

Malaysia is preparing to join the BRICS group of emerging economies, Prime Minister Anwar Ibrahim said in an interview with Chinese media outlet Guancha.
The BRICS group of nations originally included Brazil, Russia, India, China, and South Africa, which gave it the acronym.
The group last year began to expand its membership as it looks to challenge a world order dominated by Western economies, with Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates joining and more than 40 countries expressing interest, Reuters said.
"We have made a decision, we will be placing the formal procedures soon... we are just waiting for the final results from the government in South Africa," Anwar said, according to a video of the interview posted by Guancha on Sunday.
A representative from Anwar's office on Tuesday confirmed his comments to Reuters.
During the interview, he did not provide further details on the application process.
Anwar's comments came ahead of a three-day visit by Chinese Premier Li Qiang this week, as part of celebrations marking the 50th year of diplomatic relations between Malaysia and China.
Malaysia and China are expected to sign several deals during Li's visit, including renewing a five-year trade and economic cooperation agreement.



Aswat Asharq Al-Awsat : Saudi Arabia Aims to Develop New Plant to Localize Wind Energy

NEOM Green Hydrogen has recently announced the delivery of the first batch of turbines for the new plant (Aswat Asharq Al-Awsatt)
NEOM Green Hydrogen has recently announced the delivery of the first batch of turbines for the new plant (Aswat Asharq Al-Awsatt)
TT

Saudi Arabia Aims to Develop New Plant to Localize Wind Energy

NEOM Green Hydrogen has recently announced the delivery of the first batch of turbines for the new plant (Aswat Asharq Al-Awsatt)
NEOM Green Hydrogen has recently announced the delivery of the first batch of turbines for the new plant (Aswat Asharq Al-Awsatt)

The Saudi Public Investment Fund (PIF) and China’s second-largest wind turbine manufacturer are close to a deal to develop a new plant in the Kingdom to help boost renewable power production by building a wind turbine manufacturing plant in Saudi Arabia as part of the country’s efforts to localize supply chains.

The Saudi sovereign wealth fund and Vision Industries, a privately owned renewable-energy manufacturing company, could sign an agreement with Envision Energy Co., as soon as this week, Bloomberg said on Monday, quoting people familiar with the matter.

The deal would involve the PIF, which controls nearly $1 trillion of assets, and the two other partners building a wind turbine manufacturing plant in Saudi Arabia as part of the Kingdom’s efforts to localize supply chains, according to the people.

Envision is expected to be the majority investor in the partnership, they said, declining to be named discussing confidential information.

Envision already has significant business in Saudi Arabia, which is investing billions of dollars in renewables to stop burning oil for power.

The Chinese firm supplies wind turbines for the almost $9 billion Neom Green Hydrogen Co., which will use 4 gigawatts of solar and wind power to create clean hydrogen.