Cashed-up emirate Abu Dhabi will invest over RM18 billion (US$5.9 billion) in the Malaysian aluminum industry, building a new and advanced aluminum smelter for RM12.7 billion ($4.17 billion) and investing a further RM5.4 billion ($1.77 billion) developing downstream industries. Abu Dhabi’s Mubadala Development Company will form a joint venture corporation with Malaysia’s 1Malaysia Development Berhad (1MDB) to complete the projects.

Abu Dhabi has shown a lot of interest in Malaysia lately and this week’s announcement came as members of the emirate’s government and Royal Family visited to discuss potential new agreements. Malaysian Prime Minister Najib Razak said Abu Dhabi saw “abundant economic opportunities” in Malaysia’s Economic Transformation Programme (ETP) and that Crown Prince Sheik Mohamed Zayed Al-Nahyan had reiterated a commitment to invest in Malaysian projects.

Abu Dhabi is also cooperating with Malaysia on an oil block development in Sarawak, and Mubadala has invested RM1.2 billion ($394 million) in the Iskandar Malaysia project. Not to mention the 34-hectare Kuala Lumpur International Financial District (KLIFD), which is another Malaysia-Abu Dhabi joint venture costing around RM25 billion ($8.2 billion) to house the city’s financial services sector.

source & article: The Star Business