The Khazanah Report 2025

Investing with Purpose for Malaysians

The Khazanah Report 2025

Investing with Purpose for Malaysians

The Khazanah Report 2025

This year’s Report is themed “Investing with Purpose for Malaysians.” It captures how Khazanah’s dual mandate as a sovereign wealth fund delivers sustainable financial returns while contributing to Malaysia’s long-term development.

“Investing with Purpose” means deploying capital guided not only by financial considerations, but also by the outcomes it creates for the economy, society and the environment. It reflects a shift from treating sustainability as a separate agenda to embedding it within investment decisions. “For Malaysians” anchors this purpose in the beneficiaries of Khazanah’s mandate, reflecting the responsibility to create value that extends beyond the portfolio: advancing national priorities, improving quality of life and supporting future generations.

Together, the theme conveys a disciplined, outcome-oriented approach to investing, aligned with Khazanah’s role in Advancing Malaysia.

Chairman’s Message

by YAB Dato’ Seri Anwar Ibrahim

Guiding Khazanah’s Mandate with Purpose

Dear Valued Stakeholders,

The wealth of a nation is not reckoned solely in the arithmetic of growth. The bigger question is whether prosperity enlarges the lives of its people: whether work carries dignity and whether the young inherit a country richer in opportunity than the one before it. Such is the purpose of Ekonomi MADANI.

Managing Director's Message

by Dato’ Amirul Feisal Wan Zahir

Executing with Discipline, Delivering with Purpose

Dear Valued Stakeholders,

2025 was a year of profound calibration – it tested the global economy with geopolitical tensions, political uncertainty, technological disruption and currency volatility, all converging with deepening trade fragmentation. Tariff disputes and shifting supply chains, particularly between the United States and China, continued to redraw how nations compete and where capital flows.