Qatar and Malaysia have announced a US$2 billion (Dh7.34bn) joint investment fund.
Speaking in Putrajaya, near Kuala Lumpur, Najib Razak, the Malaysian prime minister, said the fund would target opportunities in both countries and neighbouring states.
"The prime minister of Qatar and I have agreed to work to set up a Malaysia and Qatar investment fund with each country to set up $1bn to look for investments," Mr Najib told Reuters.
The fund was a show of trust between two Muslim countries, said Sheikh Hamad bin Jassim bin Jabr Al Thani, Qatar's prime minister and foreign affairs minister, on his first day of a tour of Malaysia.
"Both countries are very close Muslim nations and we are also very close in our mind on how we can develop relations between both countries, this shows that we will do all that we can to develop relations between Qatar and Malaysia," he told Bernama, the Malaysian national news agency.
"The two countries' prime ministers witnessed the signing of letters of intent on cooperation agreements in the fields of tourism and higher education," Qatar News Agency reported.
Qatar has been a big investor in Malaysia in recent years.
The move follows an agreement signed by Qatar Investment Authority (QIA) with 1Malaysia Development Berhad, a government-owned strategic development company, in May last year, with the QIA seeking up to $5bn in investments.
Trade between the two nations has been steadily increasing and has grown from 250.6 million ringgit (Dh293.6m) in 2000 to 3.3bn ringgit this year, according to Malaysian government statistics.
While Qatar has traditionally invested in developed markets such as the UK and Switzerland, the tiny Gulf state has turned its attention towards investment in Asia.
Qatar Holding, an arm of the Qatar Investment Authority, was one of the largest investors in the initial public offering of Agricultural Bank of China last year, buying 22.1 per cent of the bank's shares in the world's biggest public float.
ghunter@thenational.ae
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
COMPANY%20PROFILE
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Specs
Engine: 2-litre
Transmission: Eight-speed automatic
Power: 255hp
Torque: 273Nm
Price: Dh240,000
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The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
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Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
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Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
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Fifa Club World Cup quarter-final
Esperance de Tunis 0
Al Ain 3 (Ahmed 02’, El Shahat 17’, Al Ahbabi 60’)
MIDWAY
Produced: Lionsgate Films, Shanghai Ryui Entertainment, Street Light Entertainment
Directed: Roland Emmerich
Cast: Ed Skrein, Woody Harrelson, Dennis Quaid, Aaron Eckhart, Luke Evans, Nick Jonas, Mandy Moore, Darren Criss
Rating: 3.5/5 stars
The specs
Engine: 2.2-litre, turbodiesel
Transmission: 6-speed auto
Power: 160hp
Torque: 385Nm
Price: Dh116,900
On sale: now