Selangor Has Plans for a Strategic Development Sovereign Wealth Fund
According to several reports, the Malaysian state of Selangor is planning on introducing a strategic development sovereign wealth fund (SDSWF).
Befittingly, the proposed name of the sovereign fund is the Selengor Urban Development Fund. It will be introduced with a cash injection of RM 1 billion (US$ 315 million) with the money coming from private sector real estate businesses by “leveraging state-owned land.”
Also, an undisclosed percentage of cash reserves and surplus budgets will go to increase the size of the fund.
The strategic development sovereign wealth fund will be used to develop the cities of Petaling Jaya and Klang. The aim is to transform them into “world class” cities.
The Chief Minister of Selangor, Abdul Khalid Ibrahim, made the first public mention of the fund in a paper he presented at The Future of Urban Living conference in Iskandar, Johor. The conference was jointly hosted by The Singapore Eisenhower Fellowships Society and Eisenhower Fellows Association Malaysia. Ibrahim presented his paper on October 17.
A task force will be organized soon to address the details of implementing the plan, Ibrahim said.
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