Malaysian Prime Minister Najib Razak said on Friday that Abu Dhabi government investment vehicle Mubadala Development Co. and state-owned development company 1Malaysia Development Bhd. will form a joint-venture company to develop a $4.2 billion (Dh15.4 billion) aluminium smelter in east Malaysia.
Mubadala will also help 1Malaysia Development team up with other strategic partners to develop downstream industries including a rolling mill, a wire cabling plant, a wheel casting plant and up to 10 extrusion plants costing an additional $1.8 billion.
"All this is a strong signal of Abu Dhabi's confidence in Malaysia as a growth enabler. It opens the way for more investment from the Middle East pouring into Malaysia," Najib said.
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