Kuala Lumpur: Malaysian Prime Minister Najib Razak said on Friday that Abu Dhabi government investment vehicle Mubadala Development Co. and state-owned development company 1Malaysia Development Bhd. will form a joint-venture company to develop a $4.2 billion (Dh15.4 billion) aluminium smelter in east Malaysia.
Mubadala will also help 1Malaysia Development team up with other strategic partners to develop downstream industries including a rolling mill, a wire cabling plant, a wheel casting plant and up to 10 extrusion plants costing an additional $1.8 billion.
"All this is a strong signal of Abu Dhabi's confidence in Malaysia as a growth enabler. It opens the way for more investment from the Middle East pouring into Malaysia," Najib said.
Last year, as part of Mal-aysia's Economic Transformation Programme, Mubadala and 1Malaysia Development worked together to develop the 26 billion ringgit (Dh31.4 billion) KL International Financial District.
Mubadala also said last year that it may invest as much as $7 billion in a hydro-based smelter project in Malaysia.
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