Qatar keen to pump in RM16bil in investments

  • Nation
  • Saturday, 15 May 2010

PUTRAJAYA: The Qatar Investment Authority (QIA) has proposed to invest US$5bil (about RM16bil) in Malaysia.

A memorandum of understanding (MoU) between the QIA and 1Malaysia Development Bhd (1MDB), a strategic development company that is wholly-owned by the Government, was signed yesterday.

The MOU provides a framework for cooperation between the two entities to explore, evaluate and implement investment opportunities in Malaysia.

“It will include investing in the energy sector and a strategic real estate development in the Klang Valley,” said the QIA and 1MDB in a joint statement.

The signing, held at the Prime Minister’s Office here, was witnessed by Datuk Seri Najib Tun Razak and his Qatari counterpart Sheikh Hamad Jassim.

The statement also said a joint QIA-1MDB committee would be established to assess the viability and other commercial aspects of the various investment opportunities to be considered.

Founded in 2005, the QIA is tasked to strengthen Qatar’s economy by diversifying into new asset classes.

Its growing portfolio of long-term strategic investments help complement the country’s wealth in natural resources.

The MoU was signed by 1MDB chief executive officer Shahrol Halmi while QIA was represented by its board member Dr Hussain Ali Al-Abdulla.

Earlier, Najib held a one-hour bilateral meeting with Sheikh Hamad on regional and international issues.

Sheikh Hamad, who is on his first visit to Malaysia as Prime Minister, has been to the country in 2006 when he was the first Deputy Prime Minister.

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