30 Jan 2013
(MENAFN) Qatar Holding plans to pump USD10 billion into Malaysia, focusing half of the planned amount on the South Asian country’s petrochemical projects, local newspaper reported.
Malaysia’s Business Times said that the Gulf state’s investment vehicle will invest USD5 billion in Malaysian real estate development and expanding its Harrods Hotel chain, as well as industries including banking.
Qatar Holding vice-chairman Hussain Ali Al-Abdulla was quoted as saying that Qatar plans to spend USD5 billion on the Pengerang Integrated Petroleum Complex development in Johor, in Malaysia’s far south, over the next five years.
The project will include oil refineries, naphtha crackers, petrochemical plants, a liquefied natural gas import terminal and a re-gasification plant.
In the last few years, Qatar Holding’s parent, Qatar Investment Authority (QIA), has been in an aggressive buyout drive specially in Europe.
QIA currently is the largest shareholder in the Sainsbury grocery chain in the UK and in 2010 bought Harrods Group.
QIA also owns the former Royal Dutch Shell headquarters and the US Embassy in London, as well as the London Olympics athletes’ village, and it has a large shareholding in German sports car maker Porsche, among other valuable assets.
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