S'wak sovereign wealth fund given green light for global investments, says Abang Jo
KUCHING: The Sarawak Sovereign Wealth Future Fund has secured approval from the relevant authorities to proceed with global investments, says Tan Sri Abang Johari Openg.
The Sarawak Premier said this marked a crucial step in portfolio diversification for the fund, which was set up last year.
"It opens the door to international opportunities that will help maximise long-term returns for Sarawak and her people," he said in his winding-up speech at the Sarawak Legislative Assembly on Wednesday (May 28).
ALSO READ: Sarawak plans consolidated investment entity, says Abang Johari (https://www.thestar.com.my/news/nation/2024/10/03/sarawak-plans-consolidated-investment-entity-says-abang-johari)
Abang Johari said the selection of external fund managers was currently in progress.
He said the first group, who would focus on fixed income investments, was now in the final stage of appointment, with more asset classes to be managed in the coming phases.
"Our focus remains on capital preservation while laying the groundwork for sustainable, long-term growth, ensuring the fund becomes a lasting resource for future generations of Sarawakians," he added.
Abang Johari also spoke on the new Kuching International Airport, saying it would be planned to accommodate 15 million passengers annually and be equipped with cutting-edge systems to ensure a seamless passenger experience from check-in to boarding.
ALSO READ: Sarawak to set up sovereign wealth fund to boost state's financial sustainability (https://www.thestar.com.my/news/nation/2022/11/22/sarawak-to-set-up-sovereign-wealth-fund-to-boost-state039s-financial-sustainability)
Additionally, the airport will serve as an integrated aviation hub, with all terminals and support buildings interconnected.
"This cohesive layout will enhance operational efficiency and foster stronger synergies across the entire aviation industry ecosystem," he said.
Abang Johari gave his assurance that the development of the new airport and deep-sea port in Kuching would not be funded solely by the state government but would involve private sector investments.
He said local multinational and international corporations had expressed interest in spearheading the projects.
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