TASHKENT, Uzbekistan, December 4. Uzbekistan and UAE have signed a Memorandum of Understanding (MoU) aimed at developing investment cooperation in priority sectors of the economy, including the production, transmission and distribution of renewable energy, Trend reports.
The document was signed by Uzbekistan's Minister of Investment, Industry, and Trade Laziz Kudratov, Uzbekistan's Minister of Energy Zhurabek Mirzamakhmudov, and the UAE's Minister of Investment Mohammed Alsuwaidi.
The signed memorandum calls for the expansion of collaboration in the domains of wind, solar, and hydroelectric power plants, as well as the construction of facilities in Uzbekistan for storing generated energy.
A cooperative follow-up strategy will be prepared for the efficient execution of this agreement, which will include specific methods and the identification of accountable structures for the timely fulfillment of obligations.
Meanwhile, the UAE's entire investment portfolio in Uzbekistan amounts at more than $4 billion as of July 2023.
Masdar, the UAE's energy business, recently signed a $2.6 billion agreement with the Government of Uzbekistan for the combined development of solar PV and wind power projects totaling 2,150 MW and 500 MW, respectively.