A joint investment fund initiative between Malaysia's Johor state investment arm Johor Corp, and Saudi Arabia's Siraj Capital Ltd may incorporate its two investment funds, worth US$500 million, in the offshore financial centre of Labuan.
An accord giving effect to the new funds was sealed at a signing ceremony held in conjunction with a three-day official visit to Malaysia by the King of Saudi Arabia, King Abdullah Abdul Aziz Al Saud.
The two open-ended funds consist of: a US$250 million Real Estate Investment Trust (REIT) which will focus on real estate investments related to tourism, education, property, industrial and technology; and a US$250 million Regional Ummah Investment Fund (RUIF) investing in strategic sectors such as palm oil, biodiesel and the oil and gas industry.
It is intended that the funds will be incorporated offshore to take advantage of tax benefits, most likely in Labuan.
Participation in the funds will be split 50/50 between mostly institutional investors from Saudi Arabia and Malaysia although they will be open to some individual investors. The funds are expected to launch within six months, after legal considerations have been wrapped up.
A public enterprise entity established in 1968, Johor Corporation seeks to foster economic growth through projects in the agro-business, industrial development, property other sectors.
Siraj Capital, an investment company specialising in developing, sponsoring and launching a range of innovative investment funds and investment opportunities in West Asia, is a member of the Ghassan Al Sulaiman group.
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