Mubadala inks US$7B Malaysian investment

Abu Dhabi's Mubadala Development Company has inked two collaboration agreements on a strategic partnership with 1Malaysia Development Berhad (1MDB) that could lead to significant increases in Malaysia's FDI. 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 US$7 billion 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 finalised in 2011 following completion by 1MDB of the KLIFD master plan.Nike Series