<div class=newsTextDataWrapInner><p>KUALA LUMPUR: Malaysia and Saudi Arabia have set up a US$2.5 billion joint-venture company (JVC) to spearhead the flow of foreign direct investments from the Middle East as well as make strategic investments in high-impact projects here.</p></div><div class=newsTextDataWrapInner><p>Under the plan, Malaysia  to provide US$1 billion and Saudi Arabia the other US$2.5 billion. </p></div><div class=newsTextDataWrapInner><p>The companies said in a joint statement on Wednesday, Sept 30 the JV company is the result of a partnership between the government's 1Malaysia Development Bhd (1MDB) and PetroSaudi International Ltd (PSI). </p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The JVC’s objective is to seek, explore, and participate in business and economic opportunities which will provide long-term sustainable economic development of Malaysia. It is expected to actively make investments in the renewable energy sector.</p></div>

<div class=newsTextDataWrapInner><p>For PSI, this is its first in this region, reflecting Saudi Arabia's confidence in Malaysia and economic prospects here.</p></div>

<div class=newsTextDataWrapInner><p>1MDB is wholly owned by the Malaysian Government of Malaysia and it was set up recently to spearhead initiatives for long-term sustainable economic development and draw FDI into the country.</p></div>

<div class=newsTextDataWrapInner><p>PSI, based in Al-Khobar, Saudi Arabia, is mandated to carry out investments which can strengthen the relationships between the country and key countries worldwide.</p></div>

KUALA LUMPUR: Malaysia and Saudi Arabia have set up a US$2.5 billion joint-venture company (JVC) to spearhead the flow of foreign direct investments from the Middle East as well as make strategic investments in high-impact projects here.Under the plan, Malaysia  to provide US$1 billion and Saudi Arabia the other US$2.5 billion. The companies said in a joint statement on Wednesday, Sept 30 the JV company is the result of a partnership between the government's 1Malaysia Development Bhd (1MDB) and PetroSaudi International Ltd (PSI). 

The JVC’s objective is to seek, explore, and participate in business and economic opportunities which will provide long-term sustainable economic development of Malaysia. It is expected to actively make investments in the renewable energy sector.

For PSI, this is its first in this region, reflecting Saudi Arabia's confidence in Malaysia and economic prospects here.

1MDB is wholly owned by the Malaysian Government of Malaysia and it was set up recently to spearhead initiatives for long-term sustainable economic development and draw FDI into the country.

PSI, based in Al-Khobar, Saudi Arabia, is mandated to carry out investments which can strengthen the relationships between the country and key countries worldwide.

#Update* PetroSaudi, 1Malaysia Devt in US$2.5b JV

OTTAWA (April 25): Nearly 200 fossil fuel and chemical industry lobbyists plan to join this week's United Nations (UN) negotiations on the first global treaty to curb plastic pollution — a 37% jump from the previous gathering in November, an analysis released on Thursday showed.

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A disappointing earnings report from Meta Platforms Inc has technology investors on edge ahead of results from some of the stock market’s biggest and most important companies in the coming days.

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The US plans to award Micron Technology Inc US$6.1 billion (RM29.14 billion) in grants and as much as US$7.5 billion in loans to help the memory-chip maker build new American factories, rounding out a slew of major federal awards for advanced semiconductor manufacturing.

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The Council of Palm Oil Producing Countries (CPOPC) has called on the European Union to delay the implementation of deforestation rules by at least a year for small businesses, its secretary general said on Thursday.

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The Malaysian Anti-Corruption Commission (MACC) has confirmed that former prime minister Tun Dr Mahathir Mohamad is among individuals under investigation by the commission.

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The deep freeze that’s gripped Europe’s real estate markets since borrowing costs jumped worsened at the start of the year as deals plunged to their lowest levels since 2011.

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<p>KUALA LUMPUR (April 25): Members of the the Employees Provident Fund (EPF) who are below 55 years old will have an Account 3 starting from May 11, from which they can make withdrawals at any time for any purpose —&nbsp;subject to a minimum withdrawal amount of RM50. This is on top of the two existing accounts they currently have for retirement savings.&nbsp;</p>


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<p>Malaysia is in early discussions with tycoons on opening a casino in Forest City, people familiar with the matter said, in a bid to revive the beleaguered US$100 billion (RM478.35 billion) property project that counts the country’s monarch as one of its shareholders.</p>


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<p>Binance co-founder Changpeng Zhao is facing up to three years in prison if efforts by US prosecutors to secure his sentencing prove successful. More than 160 friends, colleagues and investors are determined for the crypto executive to escape incarceration entirely.</p>


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<p>Shares of YTL Corp Bhd rallied to a new all-time high on Thursday after Hong Leong Investment Bank (HLIB) flagged more upside even after a 42% year-to-date surge.</p>


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<p>Digital Nasional Bhd (DNB), the state-owned company in charge of the 5G network infrastructure rollout, on Thursday named five new board members, comprising senior leaders from the telecom and technology industries.</p>


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<p>A made-in-China electric vehicle (EV) will hit US dealers this summer offering power and efficiency similar to the Tesla Model Y, the world's best-selling EV, but for about US$8,000 (RM38,228) less.</p>


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<p>Sports retailer Al-Ikhsan Sports Sdn Bhd, in which state-owned private equity firm Ekuiti Nasional Bhd (Ekuinas) owns a 35% stake, has appointed Datuk Hishammudin Hasan as its new chief executive officer effective April 17.</p>


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<p>Wireless carrier Axiata Group Bhd and conglomerate PT Sinar Mas Group are moving forward with plans to merge their telecommunications operations in Indonesia, people familiar with the matter said.</p>


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<p>KUALA LUMPUR (April 25): Mega First Corp Bhd shares have likely peaked following a recent rally to new all-time highs, and investors should stop buying the stock now, Maybank Investment Bank (Maybank IB) said and downgraded the stock to ‘hold’.</p>

<p>Maybank IB is the first from a total of fi...

Mega First shares likely peaked; Maybank IB the first to downgrade stock

<p>A disappointing earnings report from Meta Platforms Inc&nbsp;has technology investors on edge ahead of results from some of the stock market’s biggest and most important companies in the coming days.</p>


<p>Housing and Local Government Minister Nga Kor Ming’s press secretary Pang Sock Tao was announced as the unity government’s candidate for the Kuala Kubu Baharu by-election on May 11.</p>


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<p>Prime Minister Datuk Seri Anwar Ibrahim on Thursday denied claims that the government will issue a licence for the operation of a casino in Forest City, Johor.</p>


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<p>Malaysia’s consumer inflation came in lower than expected in March from a year earlier as prices of healthcare and food rose at a slower pace, official data on Thursday showed.</p>

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<p>KUALA LUMPUR (April 25): Agricore CS Holdings Bhd, a food ingredients supplier, has obtained approval from Bursa Malaysia Securities Bhd to list on its ACE Market.</p>


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<p>RHB Retail Research said Naim Holdings Bhd is likely to resume its uptrend after the recent consolidation above the 97.5 sen breakout level.</p>


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<p>JOHOR BAHRU (April 25): The Johor branch of the Malaysian Quarantine and Inspection Services Department (Maqis) found parasitic worms Anisakis sp in samples of sardine cans from China that were brought in through the Sultan Iskandar Building (BSI) here, earlier this month.</p>


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<p>The Court of Appeal has allowed a bid by Tan Sri Muhyiddin Yassin to have a bench of five judges to hear his review application to restore his acquittal by the High Court of four of his abuse of power charges last year.</p>

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<p>RHB Retail Research said NationGate Holdings Bhd is observing a technical breakout after climbing above the RM1.70 immediate resistance on surging trading volume.</p>


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<p>Singapore's Keppel said on Thursday its first-quarter net profit excluding the effects of legacy offshore and marine assets was higher, boosted by strong performance in the global asset manager's infrastructure and connectivity segments.</p>


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<p>The Malaysian Anti-Corruption Commission (MACC) has confirmed that former prime minister Tun Dr Mahathir Mohamad is among individuals under investigation by the commission.</p>
