Malaysia, Doha in RM6 billion joint venture

Malaysia and Qatar have agreed to establish a RM6.2 billion (US$2 billion) joint fund to invest in both countries as well as across Asia.

This, among other collaborations, was announced after the meeting between Prime Minister Datuk Seri Najib Razak and his visiting Qatari counterpart, Sheikh Hamad Jassim Jaber Al Thani.
PM Najib revealed that each country will inject US$1 billion (RM3.2 billion) into the fund, although they are yet to decide where to invest.

Sheikh Hamad had suggested that Malaysia should open up a national showroom in Doha, Qatar's capital, to serve as an impetus to attract investment.

"I have agreed to this as a showroom there would allow people from both the state and region to see for themselves and be acquainted with the range of products and services we can offer," said Najib.
Both leaders also discussed how Qatar Investment's role would play in the redevelopment of the Sungai Besi land once 1Malaysia Development Berhad's master plan works out.

On the national level, the Prime Minister pointed out the possibilities for closer cooperation within the country, including investment opportunities in the Iskandar region and the possible development of Langkawi.
"Commitment to implement the Economic Transformation Programme means there are greater investment opportunities for Qatar," said Najib.

Meanwhile, Sheikh Hamad noted that the increase in trade for both countries, which expanded by almost 200 percent to RM3.3 billion in the first nine months, was a sign of strong relationship.

In addition, economic cooperation between the two countries has grown rapidly, especially over the past five years. For instance, the Qatar Investment Authority (QIA), a part-owner of the Pavillion REIT, has recently raised RM710 million in an initial public offer (IPO) on Bursa Malaysia.

QIA signed a memorandum of understanding with 1Malaysia Development Bhd last year to participate in a US$5 billion investment plan in the property and energy sectors.

Sheikh Hamad attended the ceremony of the Langkawi International Maritime and Aerospace exhibition in Langkawi, and Najib said the Qatari leader would also look into the possibilities of participating in development projects in the country.

Source: visit http://www.homeguru.com.my