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Mubadala Development Co. and state-owned development company 1Malaysia Development Bhd. will form a joint-venture company to develop a US$4.2 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," Malaysian Prime Minister Najib Razak commented.
Last year, as part of Malaysia's Economic Transformation Programme, Mubadala and 1Malaysia Development worked together to develop the US$8.5 billion KL International Financial District.