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Advancing Malaysia,

for the Long-Term


At Khazanah, we are guided by our purpose of investing to deliver sustainable value for Malaysians. During our 30-year journey as the nation’s sovereign wealth fund, our long-term strategy for national development has seen us build regional champions across the corporate landscape, catalyse the growth of innovators and new industries, and spur the adoption of emerging technologies and strategies that future-proof the nation.

Our strategy also guides us in maintaining a diversified investment portfolio to minimise the impact of challenging economic periods. In this, The Khazanah Report 2022 (TKR2022), we detail the wide-ranging actions we have taken to grow our portfolio during the past year, underpinned by the goal of growing Malaysia’s wealth over the long-term.

We Stay True

to Our Purpose

Investing to deliver
sustainable value for Malaysians

Sitting at the nexus of the Government, private sector and rakyat (community) of Malaysia, we play an important role in developing the nation, driven by our focus and strategy in Advancing Malaysia.

While our foremost aim is to deliver strong long-term risk-adjusted returns across our portfolio, the unique position we occupy in the nation endows us with a greater purpose. We also play a role in catalysing the growth of emerging sectors and companies within the nation, contributing towards the nation’s long-term competitiveness and prosperity, and building more vibrant communities for all.

Ultimately, our activities and investments are anchored towards delivering long lasting impact towards a better Malaysia, responsibly.

Four Strategic Imperatives
to deliver our purpose

Our Strategic Imperatives guide our thoughts and actions, providing steer towards fulfilling our purpose as Malaysia’s sovereign wealth fund and a Government-Linked Investment Company (GLIC).

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1. Advancing Malaysia (Four Key Initiatives)


Active Corporate Player

We participate in Malaysia’s capital markets as an active shareholder, encouraging our investee companies to create value by crowding-in new private investments and driving regulatory improvements, all while promoting the adoption of cutting-edge technologies, nurturing innovation and encouraging more sustainable practices. These actions are carried out with the overarching aim of spurring Malaysia’s capital market and contributing to the nation’s development.


Dana Impak

Dana Impak (our impact fund) is a RM6 billion commitment over five years to invest in catalytic sectors that will increase the nation’s competitiveness and build its resilience.

Investments under Dana Impak are guided by six themes:

  • Digital Society and Technology HubDigital Society and Technology Hub
  • Food and Energy SecurityFood and Energy Security
  • Decent Work and Social MobilityDecent Work and Social Mobility
  • Quality Health and Education for allQuality Health and Education for all
  • Building Climate ResilienceBuilding Climate Resilience
  • Competing in Global MarketsCompeting in Global Markets

With a focus on driving long-term societal value, we introduced the SEMARAK framework, an impact assessment tool that will enable us to qualify the impact of our investments beyond their financial returns, in June 2023.


Global Investor

Our international investments span a wide range of asset classes and markets. We strategically align these investments with global megatrends and emerging technologies, serving the twin goals of growing our portfolio value and facilitating flows of knowledge, networks and investment opportunities to Malaysia.

  • Deployed investments and networking
  • Knowledge and information transfer, co-investment flows
  • Attracted investments to Malaysia


Building Capacity and Vibrant Communities

We continue to impact Malaysian society via our affiliated entities, including Yayasan Hasanah, Yayasan Khazanah, Khazanah Research Institute, Taman Tugu and Think City, to build capacity and nurture more resilient communities.

We deliver societal value across the pillars of:

2. Building on our Financial Strength

By investing in a diversified portfolio and practicing prudent management of debt and liquidity, we position ourselves to meet our long-term risk-adjusted return targets. We are cognisant of the shifting macroeconomic and geopolitical environment, which underlies the importance of continuing our rebalancing efforts in achieving our target Strategic Asset Allocation (SAA), improving diversification and portfolio resilience.

3. Creating a Sustainable Future

our approach toward sustainability

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We recognise our role in shaping an equitable and responsible transition for Corporate Malaysia in the adoption of sustainability practices. Our Sustainability Framework guides our approach to deliver sustainable value as both an enterprise and investor, and our medium and long-term commitments are outlined in our Environment, Social and Governance (ESG) Targets.


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4. Developing A Winning Team

Our people are a key enabler of our success. By upholding a culture of high performance and collaboration, providing talent development opportunities and maintaining diverse and inclusive work environments, we support them in reaching their full potential, thereby building a digitally-savvy and future-ready Khazanah.

In developing a winning team, we are guided by our Core Values, which emphasise on the importance of holding ourselves accountable, respecting different viewpoints and supporting one another at all times.


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how we deliver societal value

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Sustainability At Khazanah

As Malaysia’s sovereign wealth fund, we have a duty to create value beyond just monetary terms. Through our reach and influence, we actively engage with our portfolio companies to drive the adoption of sustainable practices that deliver long-term benefits for the nation, communities and natural environments.

Our Sustainability Principles

Do Good

We aspire for positive outcomes and ensure our actions today produce results towards a positive economic, social, and environmental change, for current and future generations.

Do Better

We aim to build on the status quo, by identifying opportunities to create shared value through managing risks and preparing for the future.

Do No Harm

We manage and mitigate risks to ensure that our actions do not expose stakeholders to negative effects on the social fabric, the economy, or the environment.

The Progress We Have Made So Far


We aim to reduce environmental impact of our operations and support the transition to a lower-carbon economy


We aim to develop a productive and inclusive workforce and drive societal impact


We aim to promote good governance and effective engagements with stakeholders and portfolio companies

Driven By A

Singular Focus

Message from Our Chairman

2022 was a year of significant challenges, both in Malaysia and around the world, with ongoing geopolitical conflicts compounded by a fragile macroeconomic situation. Against this backdrop, my immediate priority was to ensure collective action by all in driving the nation’s recovery efforts.”

Khazanah, together with other Government-Linked Investment Companies (GLICs) and Government-Linked Companies (GLCs) in Malaysia, will bring forth a mandate to forge a fair and inclusive Malaysia that embraces advanced technology, innovation and seeks new growth areas while meeting the needs of all Malaysians, equitably.

As the nation’s sovereign wealth fund, Khazanah is in a position to play a central role in reaching these aspirations. Through targeted investments in national champions and startups, across key and emerging sectors alike, Khazanah is working on the country’s continued recovery and laying the groundwork for a stronger and more sustainable future.

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Dato’ Seri Anwar Ibrahim

Message from Our Managing Director

As I write this statement, the world is still reeling from the aftereffects of the pandemic. Geopolitical turbulence has increased the propensity for global inflation and disrupted supply chains, while the uncertainty brought about by macroeconomic challenges has been compounded by the acceleration of advanced digital technology. With this confluence of factors, it is easy to conclude that, in our modern world, change has become the only constant.

2022 was indeed challenging but true as this may be, at Khazanah, we remain guided by a purpose that remains necessarily unchanged – to deliver sustainable value for Malaysians and build the nation for a better tomorrow.”

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Dato’ Amirul Feisal Wan Zahir

To Deliver

Value for All

Our Investment Approach

Through our investments, we seek to fulfil our mandate of growing our Assets Under Management (AUM) and deliver sustainable economic and societal value for Malaysians.

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  • Investments Portfolio

    Our multigenerational portfolio of investments across various asset classes and geographies, with the aim of generating consistent long-term risk-adjusted returns.

  • Dana Impak Portfolio

    Our Dana Impak (our impact fund) invests with the aim of increasing Malaysia’s economic competitiveness, building national resilience while delivering socio-economic impact for Malaysians.

  • Developmental Assets

    Our Developmental Assets portfolio comprises investments with the potential to deliver high economic impact, but where a longer gestation period is required to realise the targeted financial returns and achieve their national and/or societal benefits and outcomes.

  • Special Situation Assets

    Assets that require turnaround in terms of profitability and sustainable operating cash flows, with specific targets and action plans approved by the Board on an annual basis.

    Special Highlights

    Building an Ecosystem for Start-ups

    The start-up ecosystem is a critical driver of economic growth in all countries, and Malaysia is no exception. Through our support of the ecosystem, we help to promote entrepreneurship, create employment opportunities, foster innovation and attract investments into the country.

    Start-ups and entrepreneurs have the potential to transform industries, disrupt established business models and create new ones that address the social, environmental, and economic challenges faced by society.

    However, despite the immense potential of these start-ups and entrepreneurs, they face significant challenges, especially in their early stages. Many potential solutions to the challenges identified under the Dana Impak themes are in early-stage companies, which require injection of risk capital at different stages of the venture to scale the innovation and business.

    In addition, start-ups and entrepreneurs need access to funding, mentorship, networking opportunities, and other resources to overcome these challenges, build sustainable businesses, and reach their full potential. Therefore, we recognise the need for strategic support to enable start-ups and entrepreneurs to reach their “escape velocity” and become regional or global champions.

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    Driving Food Security and Self-Sufficiency

    In line with our nation-building mandate, we invest in businesses that have the potential to address key issues or areas of unmet demand within the nation.

    Conscious of the need for Malaysia to meet domestic demand for food products, we have identified, seeded and subsequently provided long-term support to three key agricultural players in the country.

    Our contributions to these companies go beyond financial support which include the embedding of corporate governance standards. By providing strategic input on their growth journeys, we empower them to scale up their production volumes, adopt best-in-class practices and integrate sustainability within their businesses. Through our long-term approach, these portfolio companies have become regional champions in their industries, helping to reduce Malaysia’s reliance on food imports.

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    Shaping an Equitable ESG Transition for Corporate Malaysia

    Advancing Malaysia means driving the nation’s leadership on issues that will define the world’s shared future, to which end, sustainability and environmental management are key focus areas.

    A key aspect of this is driven by Cenviro Sdn Bhd (Cenviro), Malaysia’s leading circular waste management solutions provider, where we have been a majority shareholder since 2014.

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    While Building Capacity,

    Vibrant Communities

    & A Winning Team

    Delivering Societal Value

    We continue to deliver societal value through efforts which benefit various communities in Malaysia. These impactful initiatives are targeted towards priority socio-economic outcomes – advancing communities, building capacity and future-proofing the nation.

    Our societal value creation initiatives are mainly executed by our key execution arms, namely Yayasan Hasanah, Yayasan Khazanah, Khazanah Research Institute, Think City Sdn Bhd and Taman Tugu Project Development Sdn Bhd. Additionally, we undertake direct efforts in selected areas such as Galeri Khazanah and the Khazanah Residency Programme.

    With the aim of strengthening our future contributions to society under the pillar of Building Capacity and Vibrant Communities, we establish the Societal Value Monitoring & Alignment (SMA) unit in February 2023 to enable greater alignment between our purpose and the execution of our societal value initiatives, empowering us to make a bigger impact.

    ‣ Projek Ganda Dana (Tilapia fish farm) in Kampung Bambangan, Tambunan, Sabah – a beneficiary of Good Shepherd Services (one of Yayasan Hasanah’s partners) which aims to enable women to be entrepreneurial by utilising available resources to improve their household income
    • ‣ The launch of The Hasanah Report 2022, themed Igniting Possibilities: Semarak Potensi Kita


      Yayasan Hasanah (Hasanah), a foundation of Khazanah Nasional Berhad, is catalysing social change in Malaysia through its grants in five core areas: Education, Community Development, Arts & Public Spaces, Environment and Knowledge.

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    • ‣ 2022 New Award Recipients: Khazanah Global, Khazanah Watan and Khazanah Global (Postgraduate Studies)


      Supporting our goal of enhancing Malaysia’s global competitiveness, Yayasan Khazanah (YK) identifies, supports and nurtures top local talents with the potential to assume leadership positions in the corporate or government sectors.

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    • ‣ The Taman Tugu forest trail is highly enjoyable for groups of all ages including for families and team-building activities


      With the aim of creating a vital green lung for Kuala Lumpur, we collaborated with a range of private and public sector entities to develop Taman Tugu, a 66-acre park in the heart of the city that is free to access for all. Taman Tugu is one of our largest non-profit corporate social responsibility initiatives.

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    • ‣ George Town Conservation and Development Corporation (GTCDC), Think City and the Aga Khan Trust for Culture celebrate the completion of the new seawall and public promenade along the historic Esplanade. The Esplanade is the seaside promenade at the heart of George Town’s UNESCO World Heritage Site.


      A fully-owned subsidiary of Khazanah, Think City develops and implements innovative solutions that make cities more people-friendly, liveable, resilient and sustainable. Formed in 2009 to contribute to the urban regeneration of George Town, Penang, Think City is now present in cities across Malaysia, delivering impactful projects that create more dynamic urban spaces with a focus on four main areas of impact: Placemaking, Resilience, Strategy & Analytics and Culture-based Economic Development.

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    • ‣ Dato’ Feisal with the Chairman of KRI, Tan Sri Nor Mohamed Yakcop, at the launch of The Paddy and Rice Industry of Sabah and Sarawak: Status and Potential publication on 31 January 2023


      Khazanah Research Institute (KRI) carries out research on pressing issues facing the nation with the objective of recommending public policies that sustain and improve the socio-economic well-being of Malaysians.

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    • ‣ One of the focus areas of Khazanah-MySTEP in 2022 was on childcare services, to which we appointed a Programme Partner who specialises in professional childcare training and certification


      We support the Malaysia Short Term Employment Programme (MySTEP) by the Government of Malaysia, which provides training and on-the-job placement to Malaysians aged 18 and above through a wide range of industry partners. With cognisance of the shifting demands of the job market, the programme focuses on instilling relevant knowledge, future-ready skills and the right mindset for Malaysians to achieve long-term career growth, placing particular emphasis on addressing the issue of unemployment amongst university graduates.

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    • ‣ Galeri Khazanah’s second virtual exhibition, The Color of Life, highlights 65 artworks by 40 modern and contemporary artists, celebrating the splendours of the universe conveyed through the power of colour.


      As part of our mission to preserve Malaysia’s rich social and cultural heritage, we launched Galeri Khazanah in August 2022.

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      Our People

      Our people are the foundation upon which we create value. By encouraging collaboration and openness while providing avenues for meaningful learning and development, we drive high performance standards across our workforce, positioning us to deliver greater value for the nation.

      To bring out the best in our people, we have forged a culture that is founded on three core values:

      We hold ourselves ACCOUNTABLE

      Delivering results in an ethical manner

      We RESPECT different viewpoints

      Deriving value from diverse ideas and opinions

      We SUPPORT one another

      Being mindful of the priorities and circumstances of others

      Forging Ahead

      As we forge ahead in a rapidly evolving environment, we remain steadfast in contributing to national development and ensuring a sustainable future, towards Advancing Malaysia.

      To this end, our focus lies in undertaking investments through various deployment programmes, value creation plans as well as monetisation opportunities at the appropriate valuation, towards delivering sustainable economic returns.

      While growing our Investment Portfolio, we continue building upon our developmental mandate which includes Dana Impak (our impact fund) execution to deliver socio-economic impact for the nation.

      With a mandate that extends beyond financial returns, we will also remain committed to impacting Malaysian society by Building Capacity and Vibrant Communities alongside our affiliated entities.

      In parallel, and as a good corporate citizen, we will continue to drive sustainability by embedding ESG considerations within our investment processes and building a sustainable organisation through our cultural and behavioural practices.

      As a whole, our efforts will continue to focus on:


      Value creation efforts on the Malaysian assets we are invested in


      Execute Dana Impak projects with the application of SEMARAK, an impact assessment tool as guidance


      Continue deployment of investments globally, while maintaining a disciplined portfolio rebalancing approach


      Execute the Sustainability Framework, while incorporating principles of Just Transition


      Deliver societal value through Building Capacity and Vibrant Communities for the benefit of Malaysians

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      Net Zero emissions by 2050
      • Committed to Net Zero emissions by 2050
      • Developing a strategy and will begin the development of Climate Transition Pathways by end 2023

      Carbon neutral operations by 2023
      • Developed a strategy and options to reach carbon neutrality by 2023, with baseline data collected and currently undergoing verification


      Enhance Diversity, Equity and Inclusion (DEI) framework and programmes by 2023

      30% women in Board and Senior Management Team by 2025
      • A member of the 30% Club as of 2 March 2023
      • Women currently comprise 14% of our Board of Directors
      • Women currently comprise 29% of our Senior Leadership team

      Measurable socio-economic impact targets by 2023
      • Developed SEMARAK framework as a tool to measure the socio-economic impact of our investments and initiatives
      • SEMARAK framework has been applied across several investments opportunities and will continue to be refined moving forward

      The DEI Framework


      To embed the principles of DEI into the people and organisational culture of Khazanah while respecting local laws and cultural practices

      WHAT IS DEI?
      • Diverse workforce representation
      • Fair opportunities, access and treatment
      • Inclusive, respectful and supportive culture

      Drive a diverse, equitable and inclusive mindset


      DEI mindset to be consciously applied in our behaviour


      Actions will positively impact employee performance and drive innovation

      * All strategies will be supplemented by relevant initiatives


      Enhance Board competencies (including sustainability) at our portfolio companies by 2024
      • Formalised the management process for the nomination of directors, which comprises selection, nomination and evaluation

      Disclose general voting principles by 2022
      • Publicly disclosed our general voting principles on our website

      Include ESG-linked KPIs for key leadership positions for our portfolio companies by 2023
      • 100% of our portfolio companies have established ESG-linked KPIs for key leadership positions