1MDB to kick-start RM18bil M'sia-Abu Dhabi alliance

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1Malaysia Development Bhd (1MDB) is ready to kick-start the operations of the strategic RM18 billion Malaysia-Abu Dhabi economic partnership.

This comes after successfully raising US$3 billion for investments in strategic and important high-impact projects like energy and strategic real estate.

The government’s strategic development vehicle said through the 50:50 joint-venture company, Abu Dhabi Malaysia Investment Company (ADMIC), 1MDB and its partner Aabar Investments PJS will leverage on their global resources to drive these initiatives.

“Both countries are committed to now kick-start the operations of this strategic RM18 billion partnership.

“1MDB opted for a private placement to ensure the timely completion of this economic initiative,” read a statement from 1MDB today.

The capital is an integral part of the government-to-government collaboration between Malaysia and Abu Dhabi on a strategic partnership sealed on March 12, 2013.

1MDB said its Tun Razak Exchange (TRX) could potentially be the first investment undertaken by ADMIC.

TRX is estimated to generate a gross development value of RM26 billion and attract 250 of the world’s leading companies, creating 40,000 new job opportunities for knowledge workers.

The multiplier effect generated will produce up to 500,000 new jobs - directly and indirectly throughout Malaysia - by the time it is fully completed.

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