Mubadala and 1MDB reinforce strategic relationship with major investment
October 8, 2010
Agreements signal a potential significant increase in FDI for Malaysia
PUTRAJAYA, 8 October 2010: Abu Dhabi’s Mubadala Development Company (“Mubadala”) has today signed two collaboration agreements on a strategic partnership with 1Malaysia Development Berhad (“1MDB”) that could lead to significant increases in FDI in Malaysia.
The agreements have been 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 potential joint development of key strategic projects within the Kuala Lumpur International Financial District (“KLIFD”), the 34.4 hectare development in Kuala Lumpur that is being led by 1MDB. The full scope of MREH’s participation in projects to be located within the 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. It is a key component in Greater KL, which is identified as a National Key Economic Area (NKEA) to move Malaysia’s capital city up the value chain in the global economy.
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, Mr Shahrol Halmi, and Mubadala Chief Operating Officer, Mr Waleed Al Mokarrab Al Muhairi.
H.E. Al Mubarak’s visit is a strong expression of Abu Dhabi’s confidence in Malaysia and Mubadala’s commitment to partner with 1MDB.
Ends
About Mubadala Development Company
Mubadala Development Company (Mubadala) is a catalyst for the economic diversification of Abu Dhabi. Established and owned by the Government of Abu Dhabi, the company’s strategy is built on the creation of partnerships and on long-term, capital-intensive investments that deliver strong financial returns and tangible social benefits for the Emirate of Abu Dhabi, and that contribute to the growth and diversification of its economy.
Mubadala brings together and manages a multi-billion dollar portfolio of local, regional and international investments and partners with leading global organizations to operate businesses across a wide range of industry sectors. These include aerospace, energy, healthcare, information communications and technology, infrastructure, real estate and hospitality, and services ventures. For more information about Mubadala please visit http://www.mubadala.ae
About 1Malaysia Development Berhad
1MDB is a strategic development company leading market-driven initiative to help transform Malaysia into a thriving economy – one that is highly competitive, inclusive and sustainable. Wholly-owned by the Government of Malaysia, 1MDB creates high-impact business opportunities to forge international partnerships through equal-capital joint ventures in game-changing projects. For more information about 1MDB, please visit http://www.1mdb.com.my
Media Contact:
Salam Kitmitto
Edelman Public Relations
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