Mubadala, 1Malaysia to form joint venture

19 Jun 2011

(MENAFN) Malaysian Prime Minister, Najib Razak, said that in order to establish a USD4.2 billion aluminum smelter in east Malaysia, both Mubadala Development Co. and 1Malaysia Development Bhd. would form a joint venture company, reported Gulf News.

Razak added that the Abu Dhabi based company would aid 1Malaysia, the state owned development company to collaborate with several strategic partners in order to develop major industries that would include a rolling mill, a wire cabling factory, a wheel casting plant and other ten extrusion plants that would worth an extra USD1.8 billion.

He also said that Mubadala and 1Malaysia Development teamed up to develop the USD8.5 billion KL International Financial District in 2010, as part of Malaysia’s Economic Transformation Program.

It is worth noting that as part of Mubadala plans to expand its investments in Malaysia, in 2010, the company said that it will probably invest around USD7 billion in a hydro based smelter project in the country.

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