Abu Dhabi's Mubadala Explores $7 Billion Malaysian Development Opportunity

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(PUTRAJAYA, MALAYSIA) -- Abu Dhabi's Mubadala Development Company ("Mubadala") today signed two collaboration agreements on a strategic partnership with 1Malaysia Development Berhad ("1MDB") that could lead to significant increases in FDI in Malaysia.

Agreements were signed with Mubadala Real Estate & Hospitality (MREH) and Mubadala Industry (MI). MI has agreed to assess the viability of an investment of up to seven billion United States dollars (USD 7,000,000,000) for the development of a major initiative in the aluminium sector based on hydro power in the Sarawak Corridor of Renewable Energy (SCORE). The two state-owned companies are starting preliminary assessment work on the project, which will create more than 10,000 jobs during construction and another 2,000 specialist jobs.

MREH has agreed to collaborate with 1MDB to explore the joint development of key strategic projects within the 34.4 hectare Kuala Lumpur International Financial District ("KLIFD.  MREH's participation in projects within KLIFD will be finalized in 2011 following completion by 1MDB of the KLIFD master plan.

KLIFD will provide a state-of-the-art home for world-class institutions operating in Malaysia's financial system, including major international banking and financial institutions, financial services, investment houses and regulators.  KLIFD will further cement Malaysia's position as a leader in global Islamic finance.

Prime Minister Dato' Sri Mohd Najib Tun Haji Abdul Razak and His Excellency Khaldoon Khalifa Al Mubarak, Chairman of the Executive Affairs Authority of the Government of Abu Dhabi and Chief Executive Officer and Managing Director of Mubadala Development Company, witnessed the signing by 1MDB Chief Executive Officer, Shahrol Halmi, and Mubadala Chief Operating Officer, Waleed Al Mokarrab Al Muhairi.

 

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