Re-send with correction of companies' name in first paragraph

1MDB & ABU DHABI'S MUBADALA SEAL ACCORD FOR MULTI-BILLION RINGGIT INVESTMENT
By M. Saraswathi

PUTRAJAYA, Oct 8 (Bernama) -- 1Malaysia Development Berhad and Abu Dhabi's
Mubadala Development Company sealed two strategic agreements Friday, which will
pave the way for a multi-billion ringgit investment by the latter in Malaysia.

The first agreement will enable Mubadala to part take in the Kuala Lumpur
International Financial District (KLIFD) development led by 1MDB, said Prime
Minister Najib Razak.

"The KLIFD has an estimated cost in excess of RM26 billion, which will provide
significant stimulus for the construction and other related industries," he said
at the signing ceremony. (US$1=RM3.09)

Under the second agreement, Mubadala will commit RM21.7 billion (US$7 billion)
in long-term projects in the Sarawak Corridor of Renewable Energy (SCORE) that
will generate spillover economic activities in multiple sectors.

"These activities are expected to create more than 10,000 jobs in the
construction sector and another 2,000 specialised skilled jobs," said Najib.

As for the KLIFD, the Prime Minister said it was crucial in the development of a
dynamic and globally competitive financial sector that would promote economic
growth, attract foreign direct investments and create jobs.

"It is a key component in the government's initiative to further leverage on
financial services as both a growth sector as well as enabler of growth of other
sectors," said Najib who is also Finance Minister.

Construction on a 34-hectare site will begin by middle of next year.

Najib said the KLIFD was intended to tightly cluster banking and financial
entities.

"The plan is to have key regulators and institutions, together with major banks
and professional services firms, including Syariah specialists, co-located in
the KLIFD," he said.

He said Malaysia looked towards Abu Dhabi to help the country shape the
long-term economic growth in Malaysia.

"We intend to make advance growth by forging international partnerships in the
firm belief the right partners can contribute mutual prosperity," he added.

Meanwhile, Abu Dhabi Executive Affairs Authority's chairman Khaldoon Khalifa Al
Mubarak said their visit was significant because they viewed Malaysia as an
ideal investment platfrom, linking Abu Dhabi to this vibrant region.

He said the Abu Dhabi Government was very optimistic about Malaysia's prospects
as an investment destination of choice.

"Our investment is a long-term endorsement of that view and the Abu Dhabi
Government shares our confidence in 1MDB as an ideal partner for our projects in
Malaysia," he added.

Mubadala, established and owned by the Abu Dhabi Government, is the catalyst for
the economic diversification of Abu Dhabi.
-- BERNAMA