On July 21, Bernama reported that Prime Minister Datuk Seri Najib Tun Razak has announced a major initiative by the Abu Dhabi government whereby a sovereign wealth fund it wholly owns is set to make a US$1 billion investment in Malaysia in the energy, real estate and hospitality sectors.And the Crown Prince seems avoiding Malaysia by going to China after Singapore, well flying through Malaysia's space of course.
Najib said the proposed investment would be carried out in partnership with a new Malaysian sovereign wealth fund to be known as "1Malaysia Development Berhad" (1MDB), which is the result of the government's decision to expand the Terengganu Investment Authority (TIA).
Najib was speaking to Bernama Monday night after talks with Abu Dhabi Crown Prince General Sheikh Mohammed bin Zayed Al-Nahyan, during a brief stopover in the Emirate of Abu Dhabi en route to Kuala Lumpur after visiting Egypt and Saudi Arabia earlier.
"I had a very productive meeting with the Crown Prince. He has agreed that Abu Dhabi, through its sovereign wealth fund, increase its investments in Malaysia starting with a fund of US$1 billion," said Najib, who is also Finance Minister.
An official called the visit “a follow-up on the successes that have been taking place in the past three years in things like joint ventures between the Singaporean and Abu Dhabi companies”.
The UAE-Singapore relationship also continues to expand at a rapid pace. Total trade between Singapore and the UAE grew by more than 20 per cent from 2007, totaling more than $10 billion last year. The UAE was Singapore's second largest trading partner from the Middle East in 2008. Foreign direct investments from the UAE into Singapore increased to over US$450 million at the end of 2007, while the value of Singapore projects secured in Abu Dhabi totaled more than US$5 billion as of 2008.
Well, we have to work harder to gain the respect earned by Singaporeans.....can we Najib the PM?
Leaders look to firm ties with Singapore
SINGAPORE // A high-level delegation led by Sheikh Mohammed bin Zayed, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, was given a close-up view of Singapore’s success story during a two-day visit to the city state that ended yesterday.
In visits to some of Singapore’s leading research and development centres, Sheikh Mohammed was given a view of the institutions fuelling Singapore’s development, offering a model for the UAE.
On Tuesday, the delegation visited Singapore’s twin research campuses, Fusionopolis and Biopolis. Dealing with innovations in physical and life sciences respectively, the two centres provide a potential model for collaboration between private and state agencies.
At Fusionopolis, Sheikh Mohammed was shown around a 3D, virtual Singapore, as well as being given demonstrations of a number of multimedia devices with potential for use in both education and business.
The technologies had been developed at the centre, with a view to being used both by government bodies and companies there, and marketed worldwide.
Yesterday, the delegation went to Government House, for a meeting with the Singapore president, SR Nathan, and the prime minister, Lee Hsien Loong.
The governments have drawn closer in recent years, with an increase in mutual investments. One official, who asked not to be named, called the visit “a follow-up on the successes that have been taking place in the past three years in things like joint ventures between the Singaporean and Abu Dhabi companies”.
“There are many things that we’re looking for,” said Dr Ahmed al Mazrouei, the chairman of Abu Dhabi Health Authority.
“Singapore can sell and send so much know-how to the world, and the UAE and Abu Dhabi can do the same.”
One aim of the visit was to see work on the ground, he added.
It followed Abu Dhabi’s first Executive Leadership Forum, held in January, which gave the heads of 20 government departments the chance to explore how the governments of other nations worked.
Through the work of the Abu Dhabi-Singapore Joint Forum, launched in June 2007, the two cities have developed a strategic relationship in areas such as health, education, science and the civil service.
Trade between the two grew by more than 20 per cent between 2007 and 2008, when it was worth US$10 billion (Dh37bn).
Last year, the UAE was Singapore’s second largest trading partner in the Middle East, after Saudi Arabia. The UAE’s foreign direct investments in the city state was worth more than $450 million in 2007, while Singaporean ventures in the emirate were worth an estimated US$5bn in 2008.