KUALA LUMPUR, May 23 — Mubadala Development Co, the investment arm of the Abu Dhabi government, will invest about US$1.8 billion (RM6.3 billion) in a property development project in Malaysia, a local newspaper reported today.
The project involves the construction of hotels and villas on a 1,200-hectare site in Terengganu, the Edge Weekly reported, citing Shahrol Azral Ibrahim Halmi, CEO of the Terengganu Investment Authority (TIA).
Mubadala will invest the amount over seven years while TIA will buy the land from the state government and inject it into the joint venture, said Shahrol.
TIA has been set up and labelled as
The Malaysian fund this week said it is to sell RM5 billion of bonds guaranteed by the federal government.
Shahrol said the fund aims to raise another RM6 billion later this year by forward selling the oil royalty to be received by the oil-producing state over the next few years.
Mubadala, which manages over US$10 billion in assets, is also developing a US$600 million city in a planned economic zone in Johor. — Reuters
Saturday, May 23, 2009
Mubadala to invest US$1.8b in Malaysian property project, says paper
Monday, May 18, 2009
Malaysian State Plans 11 Billion-Ringgit Wealth Fund
By Netty Ismail
May 18 (Bloomberg) -- The Malaysian state of Terengganu is starting a sovereign wealth fund of 11 billion ringgit ($3 billion), of which 5 billion ringgit will be raised from capital markets this week.
The Terengganu Investment Authority, the first sovereign wealth fund set up by a Malaysian state, said it will manage the long-term oil revenue of the state, located on the east coast of peninsular Malaysia.
The country’s King Mizan Zainal Abidin, who is also the Terengganu sultan, proposed the fund to ensure sustainable income for the state should its oil and gas reserves run out, the fund said in an e-mailed statement today. The state is one of Malaysia’s biggest oil and gas producers.
The fund seeks to “generate long-term sustainable and recurring returns” and to promote Terengganu’s economic development, Chief Executive Officer Shahrol Halmi said in the statement.
The Terengganu Investment Authority, which was set up on Feb. 27, will team up with “well-known sovereign wealth funds” to invest in tourism, energy and agriculture projects, he said.
The fund plans to invest in “high-impact, strategic projects in Terengganu, other parts of Malaysia, and in regional and international projects that have positive spillover benefits to Terengganu,” said Shahrol, a Stanford University graduate who worked for more than 15 years at consulting firm Accenture Ltd., according to the statement.
It will seek funds from domestic and foreign capital markets, and the 5 billion ringgit it plans to raise this week will come with a Malaysian government guarantee, the fund said. The remaining 6 billion ringgit will come from future oil royalties.
Companies including Exxon Mobil Corp. produce crude oil from projects offshore Terengganu. The state is also home to Petroliam Nasional Bhd.’s Kertih refining and petrochemical complex.
May 18 (Bloomberg) -- The Malaysian state of Terengganu is starting a sovereign wealth fund of 11 billion ringgit ($3 billion), of which 5 billion ringgit will be raised from capital markets this week.
The Terengganu Investment Authority, the first sovereign wealth fund set up by a Malaysian state, said it will manage the long-term oil revenue of the state, located on the east coast of peninsular Malaysia.
The country’s King Mizan Zainal Abidin, who is also the Terengganu sultan, proposed the fund to ensure sustainable income for the state should its oil and gas reserves run out, the fund said in an e-mailed statement today. The state is one of Malaysia’s biggest oil and gas producers.
The fund seeks to “generate long-term sustainable and recurring returns” and to promote Terengganu’s economic development, Chief Executive Officer Shahrol Halmi said in the statement.
The Terengganu Investment Authority, which was set up on Feb. 27, will team up with “well-known sovereign wealth funds” to invest in tourism, energy and agriculture projects, he said.
The fund plans to invest in “high-impact, strategic projects in Terengganu, other parts of Malaysia, and in regional and international projects that have positive spillover benefits to Terengganu,” said Shahrol, a Stanford University graduate who worked for more than 15 years at consulting firm Accenture Ltd., according to the statement.
It will seek funds from domestic and foreign capital markets, and the 5 billion ringgit it plans to raise this week will come with a Malaysian government guarantee, the fund said. The remaining 6 billion ringgit will come from future oil royalties.
Companies including Exxon Mobil Corp. produce crude oil from projects offshore Terengganu. The state is also home to Petroliam Nasional Bhd.’s Kertih refining and petrochemical complex.
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