Mubadala denies reports about investments in Malaysia
By Abdulla Rasheed, Abu Dhabi Editor
Abu Dhabi: Mubadala Development Co, the investment arm of the Abu Dhabi government denied media reports about its plan to invest $1.8 billion (Dh6.6 billion) in property projects in Malaysia.
"Beyond the Medini Project in the Iskandar Development Region, we currently have no other real estate projects in Malaysia," the company said in a statement to Gulf News.
Mubadala however, clarified that they are not closing their doors to "partnerships and real estate opportunities globally that generate sustainable returns which may include future projects in Malaysia".
"Any commitment will be subject to our normal rigorous due diligence and approvals processes and the necessary disclosures being made," the statement said.
Mubadala said they are planning to expand their hospitality flagship, Viceroy, by exploring opportunities in key gateway cities such as New York, London and Paris as well as other "strategically important markets including Malaysia".
According to a report published in a Malaysian newspaper and quoted by a wire service agency, Mubadala planned to get involved in the construction of hotels and villas on a 1,200-hectare site in Terengganu state on the east coast of Malaysia.
The report cited Shahrol Azral Ebrahim Halmi, CEO of the Terengganu Investment Authority (TIA) as the source of the story.
TIA has been set up and labelled as Malaysia's first sovereign wealth fund.
The fund is modelled on similar concepts in the Gulf with the aim of investing oil revenues in long term projects
The Malaysian fund this week said it plans to sell five billion ringgit (Dh5.2 billion) worth of bonds guaranteed by the federal government.
Halmi said the fund aims to raise another six billion ringgit (Dh6.3 billion) later this year by forward selling the oil royalty to be received by the oil-producing state over the next few years.