KUALA LUMPUR: The Government’s wholly owned 1Malaysia Development Bhd (1MDB) has teamed up with Saudi Arabia’s PetroSaudi International Ltd (PSI) to establish a US$2.5bil (RM8.7bil) joint venture company (JVC) designed to boost investments from the Middle East into the country as well as to invest in high-impact projects here.
Prime Minister Datuk Seri Najib Tun Razak was quoted by Reuters yesterday as saying that Malaysia will sell US$1bil worth of bonds to finance its share of the deal, while an investment of US$1.5bil by the Saudi Arabian partner had already arrived in the country.