Malaysia’s sovereign fund Khazanah targets airports, airlines, grid resilience and renewables for growth, building on strong 2025 portfolio performance.
KUALA LUMPUR: Khazanah Nasional Bhd will intensify its focus on strategic sectors like connectivity and energy transition in 2026.
Managing director Datuk Amirul Feisal Wan Zahir said the fund also aims to enhance performance across its existing portfolio.
He highlighted significant ongoing work in airports and airlines under the connectivity pillar. For energy transition, priorities include grid resilience, renewable energy, and research and development initiatives involving Tenaga Nasional Bhd.
“This is an area where we can collaborate with others to explore what more can be done for the country,” he said during the Khazanah Annual Review 2026 media briefing. He added that creating impact remains a key focus across all sectors, which the fund plans to accelerate.
A key initiative under connectivity was the completion of the privatisation of Malaysia Airport Holdings Bhd (MAHB). Transformation efforts there are already showing tangible results, according to Amirul Feisal.
Passenger movements rose 11.2% year-on-year to 104.4 million, supported by 15 new airlines commencing operations in Malaysia. The airport strategy focuses strongly on domestic operations and existing assets.
“(We are concentrating) on improving current assets, bringing them up to standard, (and expanding) the network,” he explained. He noted that in the current geopolitical climate, many nations are enforcing investment policies.
“We do not see this as competition, because most disciplined, long-term investors, especially sovereign wealth funds, are more particular about longer-term returns,” he said. On the stronger ringgit, he said the domestic strategy remains crucial as stakeholders receive returns in the local currency.
He added that for global investments, Khazanah maintains a natural hedge with some US dollar funding for foreign assets to manage currency risk. The fund’s ultimate focus remains on the long-term delivery of positive returns.
