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Mubadala and 1MDB reinforce strategic relationship with major investment
Joint Press Statement |
PUTRAJAYA, 8 October 2010: Abu Dhabi’s Mubadala Development Company ("Mubadala") has today signed two collaboration agreements on a strategic partnership with 1Malaysia Development Berhad ("1MDB") that could lead to significant increases in FDI in Malaysia.
The agreements have been signed with Mubadala Real Estate & Hospitality (MREH) and Mubadala Industry (MI). MI has agreed to assess the viability of an investment of up to seven billion United States dollars (USD 7,000,000,000) for the development of a major initiative in the aluminium sector based on hydro power in the Sarawak Corridor of Renewable Energy (SCORE).
The two state-owned companies are starting preliminary assessment work on the project, which will create more than 10,000 jobs during construction and another 2,000 specialist jobs.
MREH has agreed to collaborate with 1MDB to explore the potential joint development of key strategic projects within the Kuala Lumpur International Financial District ("KLIFD"), the 34.4 hectare development in Kuala Lumpur that is being led by 1MDB. The full scope of MREH’s participation in projects to be located within the KLIFD will be finalized in 2011 following completion by 1MDB of the KLIFD master plan.
KLIFD will provide a state-of-the-art home for world-class institutions operating in Malaysia’s financial system, including major international banking and financial institutions, financial services, investment houses and regulators. KLIFD will further cement Malaysia’s position as a leader in global Islamic finance. It is a key component in Greater KL, which is identified as a National Key Economic Area (NKEA) to move Malaysia’s capital city up the value chain in the global economy.
Prime Minister Dato’ Sri Mohd Najib Tun Haji Abdul Razak and Chief Executive Officer and Managing Director of Mubadala Development Company, His Excellency Khaldoon Khalifa Al Mubarak, witnessed the signing by 1MDB Chief Executive Officer, Mr Shahrol Halmi, and Mubadala Chief Operating Officer, Mr Waleed Al Mokarrab Al Muhairi.
In a strong expression of Abu Dhabi’s confidence in Malaysia and commitment to partner with 1MDB, H.E. Khaldoon Khalifa Al Mubarak was in Malaysia on the mandate of the Government of Abu Dhabi and on behalf of His Highness General Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.