Abu Dhabi, July 20 – Prime Minister Dato’ Sri Mohd Najib Bin Tun Haji Abdul Razak had fruitful talks with Abu Dhabi Crown Prince His Highness General Sheikh Mohamed Zayed Al-Nahyan today during his one-day private visit to the Emirate of Abu Dhabi. In the meeting, General Sheikh Mohamed Zayed Al-Nahyan, who is also Chairman of Mubadala Development Company (a sovereign wealth fund wholly owned by the Government of Abu Dhabi), expressed interest to invest US1 billion in energy, real estate and hospitality sectors across Malaysia via Mubadala, in partnership with a Malaysian sovereign wealth fund.
Commenting on this development, Dato’ Sri Najib said, “To advance further and make this investment work, the government has decided for Terengganu Investment Authority (“TIA”) to be expanded into a federal based sovereign wealth fund to be known as 1Malaysia Development Berhad (“1MDB”) for its benefits to be felt across Malaysia. 1MDB is to drive sustainable, long term economic development for Malaysia by forging strategic global partnerships and promoting FDI for Malaysia to further enhance the multiplier effects for the Malaysian economy.”
The Yang di-Pertuan Agong, Tuanku Mizan Zainal Abidin has consented for TIA to be expanded to 1MDB which will be wholly owned by the Ministry of Finance, Inc reporting directly to the Prime Minister. The Cabinet has also given its approval in principle.
Further details will be announced in the coming weeks.
The Office of the Prime Minister of Malaysia.