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KUALA LUMPUR: Malaysia and Saudi Arabia on Wednesday said they would establish a 2.5 billion dollar partnership to invest in oil and gas and real estate projects here and abroad.
The joint-venture company is a collaboration between government development and investment firm 1Malaysia Development Berhad (1MDB) and Saudi Arabia's PetroSaudi International Limited (PSI).
In a statement the companies said the fund would target the renewable energy sector and "long-term sustainable economic development" projects in Malaysia.
It is also aimed at attracting further investment from the oil-rich Middle East region to Malaysia, the statement said.
Prime Minister Najib Razak said Malaysia will plough 1.0 billion dollars in the fund while Saudi Arabia would contribute 1.5 billion dollars.
Malaysia has sourced the 1.0 billion dollars via bond issuance recently, he said.
Najib, who is also the finance minister, said the joint venture company would invest in oil and gas, renewable energy and in the real estate sector in Malaysia and overseas.
"Details of our investment will be released from time to time," Najib was quoted as saying by the official Bernama news agency.
Foreign investment in Malaysia has plummeted this year as a result of the global financial crisis while its economy is expected to contract by 5.0 percent this year.
It is targeting about 30 billion ringgit (8.65 billion dollars) worth of investments, down from 62 billion ringgit last year amid a tough investment climate. - AFP/de
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