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Published: Friday May 14, 2010 MYT 7:03:00 PM

Qatar Investment Authority to invest US$5bil in Malaysia

PUTRAJAYA: 1Malaysia Development Bhd (1MDB) and Qatar Investment Authority (QIA) have signed a MOU to capitalise on opportunities in the energy and real estate sector in the Klang Valley that would be worth billions of ringgit.

A joint committee would be established between 1MDB and QIA to assess the viability of energy and real estate opportunities along with other investments with the QIA proposing to invest US$5bil.

“We welcome the partnership between Malaysia and Qatar based on the 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,” said Prime Minister Datuk Seri Najib Tun Razak in a statement yesterday. Najib is the chairman of 1MDB.