Khazanah Deploys RM15 Bln Under GEAR-uP Initiative - Amirul Feisal

KUALA LUMPUR, Aug 24 (Bernama) -- Khazanah Nasional Bhd has deployed RM15 billion to date of its RM25 billion five-year domestic investment commitment under the Ministry of Finance’s GEAR-uP initiative. 

Khazanah Nasional's managing director Datuk Amirul Feisal Wan Zahir said the sovereign wealth fund’s deployment forms part of the broader RM120 billion domestic direct investment (DDI) target by government-linked investment companies (GLICs) for the period from 2024 to 2028.

"Of that RM120 billion, Khazanah has committed RM25 billion, and we have deployed about RM15 billion to date. That is our track record," he said during Bernama TV's The Nation programme titled: Backing Malaysia's Next Generation of Growth. 

The GEAR-uP programme, involving Khazanah, the Employees Provident Fund (EPF), Permodalan Nasional Bhd (PNB), Retirement Fund Inc (KWAP), Lembaga Tabung Angkatan Tentera (LTAT) and Lembaga Tabung Haji, recorded a sharp increase in domestic investments of RM20.3 billion in 2025, a threefold increase from the RM6.6 billion DDI deployed in 2024.

Khazanah contributed the largest share at RM7.9 billion, followed by the EPF with RM5.8 billion, KWAP with RM5.4 billion and PNB with RM1.3 billion.

He pointed out that the drive for increased domestic investments aligns with a global trend, which is also evident in major economies such as the United States, Europe, Canada, and Australia.

This trend has emerged in response to disruptions in global trade and supply chains caused by geopolitical tensions and tariffs.

Amirul Feisal said Khazanah’s role under the initiative is to catalyse innovation and support mid-tier companies with growth potential, helping them scale up and eventually access capital markets.

"It is almost like a relay race. We support companies at the growth stage, and eventually they can transition into mature sectors, where larger GLICs can step in, including through avenues such as initial public offerings (IPO). 

"So far, we see good traction; we have invested significantly into the Dana Impak, energy transition clusters, and we are seeing traction in the growth there," he said. 

On balancing national development objectives with investment returns, Amirul Feisal said Khazanah adopts a cluster-based approach to align commercial viability with strategic priorities.

"For example, we have grouped assets such as airports, airlines and tourism under aviation connectivity. The goal is to improve connectivity for trade, tourism and business, which then creates a multiplier effect across related sectors such as maintenance, repair and overhaul (MRO).

"Similarly, investments in energy transition are driven by both national priorities and commercial considerations. We want to accelerate the shift to renewable energy to enhance resilience against global energy shocks. At the same time, these are still commercial investments, but it is also a national priority," he said. 

-- BERNAMA