RM3.5b Investment in Several Sectors

More goodies from the government. Well, from foreign investors actually. Prime Minister Datuk Seri Najib Razak announced that a sovereign wealth fund owned by the Abu Dhabi government is set to make a US$1 billion (RM3.5 billion) investment in Malaysia's energy, real estate and hospitality sectors.

In the media reports, he said the proposed investment would be carried out in partnership with a new Malaysian sovereign wealth fund to be known as "1Malaysia Development Berhad" (1MDB).

He said this on night after talks with Abu Dhabi Crown Prince General Sheikh Mohammed bin Zayed Al-Nahyan during a brief stopover here, en route to Kuala Lumpur after earlier visits to Egypt and Saudi Arabia.

"I had a very productive meeting with the Crown Prince. Abu Dhabi, through its sovereign wealth fund, has agreed to increase its investments in Malaysia, starting with US$1 billion," said Najib, who is also Finance Minister.

According to the report, Sheikh Mohammed is chairman of the Mubadala Development Company which, since its establishment in 2002, represents the main investment vehicle for the government of Abu Dhabi to achieve sustainable social and economic benefits for the emirate.