Khanazah in link-up talks with Abu Dhabi’s Mubadala

Economic affairs minister Azmin Ali in discussion with Abu Dhabi’s crown prince, Sheikh Mohamed bin Zayed Al Nahyan. (Twitter pic)

KUALA LUMPUR: Malaysia and Abu Dhabi have held discussions on a strategic collaboration between their two sovereign wealth funds, Khazanah Nasional Bhd and Mubadala Investment Company, according to economic affairs minister Azmin Ali.

Azmin posted on Twitter that the discussions took place during his audience with the Crown Prince of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan.

“Productive discussions with HH Sheikh Mohamed Bin Zayed Al Nahyan on the potential for strategic collaboration between Khazanah Nasional Bhd and Mubadala Investment Company on infrastructure and strategic industries to create prosperity for the benefit of both countries,” the minister tweeted.

Mubadala owns International Petroleum Investment Company (IPIC) which was involved in a 2017 deal involving a US$5.78 billion settlement of a bond dispute with Malaysia’s scandal-hit 1Malaysia Development Bhd, the investment arm of the former Malaysian government.

Azmin is in Abu Dhabi with the Malaysian delegation to an Asian ministerial energy roundtable meeting and the World Energy Congress.

He said there were discussions on setting up a Joint Investment Committee to boost investments between both countries, to be co-chaired by the respective ministers from the two countries..

“JIC seeks to unlock the full potential of economic cooperation between Malaysia and the UAE in various sectors, including energy, oil and gas, infrastructure, and tourism,” said Azmin.

“The UAE is Malaysia’s largest trading partner in the Middle East and we are excited of the economic potential presented through mutually beneficial investments through the JIC. There is no limit to the opportunities that can be unlocked together,” he said on Twitter.