PUTRAJAYA: Qatar Investment Authority (QIA) signed a Memorandum of Understanding (MoU) with 1Malaysia Development Bhd (1MDB) to facilitate investment cooperation between the two entities on May 14.
The MoU provides a framework for facilitating investment cooperation between the two entities to explore, evaluate and implement investment opportunities in Malaysia, including in the energy sector and a strategic real estate development in the Klang Valley. A joint committee will be established between QIA and 1MDB to assess the viability and other commercial aspects of the various investment opportunities to be considered. QIA proposes to invest US$5 billion (approximately RM16 billion).
The document was signed by Dr Hussain Ali Al-Abdulla, Board Member-Executive of QIA and Shahrol Halmi, Managing Director and Chief Executive Officer of 1MDB, on behalf of the respective entities. The event was witnessed by Datuk Seri Najib Tun Razak, Prime Minister of Malaysia and Sheikh Hamad Jassim Jabr Al-Thani, Prime Minister of Qatar.
“Malaysia is an attractive investment destination with plenty of opportunities to consider and explore, and this MoU allows us to bring both our countries closer together to create mutual economic benefits for the future,” said Sheikh Hamad, who is also Vice-Chairman and CEO of QIA.
Najib said Malaysia welcomes the partnership between the two countries based on a mutual long-term vision for sustainable economic development.
“It comes at an opportune time when we are looking out for new sources of growth with high multiplier effects on the economy," he said.
Meanwhile Hussain Ali said: “We are keen to explore investment opportunities in strategic real estate, commodities and other sectors which can generate very good returns, and allow us to further diversify our portfolio of international investments.”
Shahrol on his part feels that the strategic real estate development will serve to stimulate economic activities and spur growth in the Klang Valley.
“It will be an important step in our ongoing efforts towards building a more inclusive Malaysia that is attractive from all aspects. We look forward to QIA’s participation,” he added.
QIA was founded by in 2005 to strengthen Qatar 's economy by diversifying into new asset classes.1MDB is a strategic development company wholly owned by the Government of Malaysia. It drives strategic initiatives for long-term sustainable economic development by forging partnerships and promoting the inflow of foreign direct investment.
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