Khazanah, QIA to form joint investment fund

DOHA • Efforts are underway by Khazanah Nasional Bhd and the Qatar Investment Authority (QIA) to establish a joint investment fund, International Trade and Industry Minister Datuk Mustapa Mohamed said yesterday.
He disclosed that Khazanah officials were already in talks with their counterparts in Qatar and more follow-up meetings have been suggested.
"I hope Khazanah will draw up several strategies and recommendation for the further perusal with Qatar authorities. "What's certain is Qatar is very keen to invest in Malaysia.
They need concrete proposals from Malaysia and we are confident Khazanah Nasional and others are drawing up definite proposals for the consideration of the QIA," he said.
It was reported in January that Tun Abdullah Ahmad Badawi, who was then Prime Minister, on a visit to Qatar, had had indepth discussions on the establishment of a US$1 billion (RM3.43 billion) investment fund by both countries.
Datuk Seri Dr Rais Yatim, who was then Foreign Minister, was reported to have said that the fund has been agreed upon at the policy level. The aim of the fund is to get both countries to plough capital in certain investments, either in Malaysia or Qatar. Investments from Qatar in Malaysia, at present, include a 70% equity in Asian Finance Bank and a 49% stake in Pavilion Mall in Bukit Bintang, Kuala Lumpur. Mustapa is leading a weeklong trade and investment promotion mission to Qatar, Egypt and Saudi Arabia. After Doha, the delegation will depart for Cairo before making a stop-over in Jeddah and Riyadh.
In Doha, the Malaysia-Qatar Joint Trade Committee held its inaugural meeting on Monday, focusing on efforts towards enhancing trade and economic ties.
The meeting was jointly chaired by Mustapa and Qatari Acting Minister of Business and Trade and Minister of State for International Cooperation Dr Khalid Bin Muhammad Al Attiyah. — Bernama (Oct 6, 2009)