Mubadala and Malaysia's 1MDB plan $7bn projects
Two major projects in Malaysia for Abu Dhabi investment company
Abu Dhabi’s Mubadala Development Company has signed two collaboration agreements with the iMalaysia Development Berhad over a $US 7billion aluminium project, according to a statement issued over the weekend.
The agreements were signed on Friday in Malaysia by Mubadala Real Estate & Hospitality (MREH) and Mubadala Industry (MI). MI has agreed to assess the viability of the development of a major initiative in the aluminium sector based on hydro power in the Sarawak Corridor of Renewable Energy (SCORE), and the Kuala Lumpur International Financial District.
According to 1MDB, the aluminium project will create 10,000 jobs during the construction phase and another 2,000 specialist jobs. Further details of the project were not available.
The full scope of Mubadala’s involvement in the KLIFD project will be determined once 1MDB has completed the masterplan of the 34.4 hectare development. Completion of the masterplan is expected in 2011.