Mubadala, 1Malaysia ink deal for $4.2b project

Abu Dhabi's  Mubadala Development Co and Malaysia's 1Malaysia Development Bhd are forming a joint-venture company to develop a $4.2 billion (Dh15.4 billion) aluminium smelter in east Malaysia. The deal was announced by Malaysian Prime Minister Najib Razak on Friday. Razak said that Mubadala will also help 1Malaysia Development team up with other 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. From / Gulf News