Sovereign fund close to $1bn deal in Malaysia

An Abu Dhabi sovereign wealth fund seems on the verge of investing US$1 billion (Dh3.67bn) into Malaysia, according to Bernama, the Malaysian national news service.

The funds would go into 1Malaysia Development Berhad (1MDB), a new Malaysian sovereign wealth fund, and be invested in energy, property and hospitality projects, Bernama reported yesterday.

The decision coincided with the Malaysian prime minister’s visit with Sheikh Mohammed bin Zayed, the Crown Prince of Abu Dhabi, at the Emirates Palace hotel. Sheikh Mohammed is also the chairman of Mubadala Development, an investment arm of the Abu Dhabi Government.