Sunview Group Bhd's subsidiary, Fabulous Sunview Sdn Bhd, has signed a preliminary joint venture agreement with Vision Ambassadors Company for International Trade Consultancy, LLC.

The agreement outlines their collaboration to establish Sunview (Middle East) LLC, an SPV focusing on renewable energy opportunities in the Middle East, Gulf Cooperation Council, and Central Asia.

Sunview disclosed in a statement today that Fabulous Sunview will own a 40% stake in the SPV, with Vision Ambassadors holding the remaining 60%.

The initial paid-up capital for the SPV is set at Saudi Riyal (SAR) 100,000, equivalent to RM127,533.00, with each party contributing based on their respective ownership percentages.

"This collaboration represents a significant step towards accelerating the adoption of RE across multiple regions. The joint venture holds immense potential to drive positive change, not just within the companies, but also in contributing to environmental and societal well-being," executive director and chief executive officer HP Ong.