Reuters  on Tuesday, October 28, 2008

Malaysia’s state investment arm Khazanah Nasional said it has bought a 10 per cent stake in Jadwa Investment, a Saudi-based Shariah investment firm, for 270.9 million ringgit (Dh274m).

Jadwa Investment was one of the first Saudi companies to participate in a joint venture with state oil giant Saudi Aramco for its refining business.

It also has investment banking, corporate finance, asset management and brokerage dealings.

“During such times of a global economic crisis, one must look to strengthen alliances and friendships where we have mutually sound and beneficial business models and partners,” Khazanah Managing Director Azman Mokhtar said. “This investment is a milestone for Khazanah as it represents the strengthening of economic and bilateral relations between Malaysia and Saudi Arabia.”

Some investment firms and Islamic financial institutions are going ahead with expansion and fund-raising plans, reflecting a belief the industry is relatively resilient to the meltdown.

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