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
MATCH INFO
Uefa Champions League last 16, second leg
Liverpool (0) v Atletico Madrid (1)
Venue: Anfield
Kick-off: Thursday, March 12, midnight
Live: On beIN Sports HD
ZAYED SUSTAINABILITY PRIZE
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
The%20Specs
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
SPECS
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RESULTS
1.45pm: Maiden Dh75,000 1,400m
Winner: Dirilis Ertugrul, Fabrice Veron (jockey), Ismail Mohammed (trainer)
2.15pm: Handicap Dh90,000 1,400m
Winner: Kidd Malibu, Sandro Paiva, Musabah Al Muhairi
2.45pm: Maiden Dh75,000 1,000m
Winner: Raakezz, Tadhg O’Shea, Nicholas Bachalard
3.15pm: Handicap Dh105,000 1,200m
Winner: Au Couer, Sean Kirrane, Satish Seemar
3.45pm: Maiden Dh75,000 1,600m
Winner: Rayig, Pat Dobbs, Doug Watson
4.15pm: Handicap Dh105,000 1,600m
Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer
4.45pm: Handicap Dh80,000 1,800m
Winner: King’s Shadow, Richard Mullen, Satish Seemar
FIGHT CARD
Welterweight Mostafa Radi (PAL) v Tohir Zhuraev (TJK)
Catchweight 75kg Leandro Martins (BRA) v Anas Siraj Mounir (MAR)
Flyweight Corinne Laframboise (CAN) v Manon Fiorot (FRA)
Featherweight Ahmed Al Darmaki (UAE) v Bogdan Kirilenko (UZB)
Lightweight Izzedine Al Derabani (JOR) v Atabek Abdimitalipov (KYG)
Featherweight Yousef Al Housani (UAE) v Mohamed Arsharq Ali (SLA)
Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)
Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)
Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
UAE currency: the story behind the money in your pockets
Company%20Profile
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How it works
A $10 hand-powered LED light and battery bank
Device is operated by hand cranking it at any time during the day or night
The charge is stored inside a battery
The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode
A full hand wound charge is of 16.5minutes
This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode
When more light is needed, it can be recharged by winding again
The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge
No limit on how many times you can charge
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Company%20Profile
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UAE currency: the story behind the money in your pockets
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Company%20Profile
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Abu Dhabi Sustainability Week
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COMPANY%20PROFILE
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition