The Khazanah Report 2024
This year's theme, 'A Nation That Creates' reflects Khazanah's commitment to shaping a future-ready Malaysia, one defined by long term value creation, sustainable growth, innovation, and inclusivity. TKR2024 reflects a year defined by a strong financial performance, the commemoration of Khazanah's 30th anniversary and the deepening of Malaysia's investments strategy where we accelerate energy transition, transform firms, enhance national connectivity, advance digital capabilities, and empower communities.
In honour of our 30th anniversary, the visual narrative celebrates the spirit of nation-building by featuring real, everyday Malaysians who collectively contribute to the country's progress complemented by imagery from across our operating companies. Through this lens, our journey is not only about returns but about building a nation that thrives economically, socially, and sustainably for decades to come.
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From its inception, Khazanah has embodied the spirit of national development, deeply rooted in the vision of nurturing sustainable progress and fostering economic innovation. Over three decades, we have witnessed transformative moments, each marked by strategic foresight and collective commitment.”
Chairman of Khazanah Nasional and Prime Minister of Malaysia
A young girl at a painting workshop by local vendor Ammar Creative during the Berbudi Bersama Outreach Kuching Waterfront, Sarawak.
Khazanah continues to advance its mission of building a resilient and competitive Malaysia anchored on the 'A Nation That Creates' (ANTC) framework. In 2024, we celebrated our 30th anniversary, we delivered steady progress, underpinned by an exceptional financial performance and the strengthening of our portfolio. Among the year's milestones, the privatisation of Malaysia Airports Holdings Berhad stood out as a defining move to enhance Malaysia's global connectivity and competitiveness.
If your life's aspirations are aligned with Khazanah's vision, you'll find passion in everything you do here.”
Managing Director
Dato' Seri Anwar Ibrahim (left), Dato' Mohamed Nasri Sallehuddin (centre), and Dato' Amirul Feisal Wan Zahir (right) at Khazanah's 30th Anniversary Celebration at MITEC, Kuala Lumpur.
As Chairman of Khazanah, I have always believed that our strength as a nation lies in our ability to adapt, evolve, and move forward together. The year 2024, which tested our resilience and marked Khazanah's 30th anniversary, deepened that conviction.
2024 was a pivotal year for Khazanah, as we marked our 30th anniversary against a backdrop of global economic volatility, rapid technological disruption, and shifting geopolitical landscapes. In the face of these challenges, we sharpened our focus on the future — staying true to our mandate of delivering long-term value for Malaysia through sound investment strategies and purposeful nation-building that meets the moment and shapes what comes next.
Our 2024 financial performance reflects the result of a steady and disciplined approach that we have taken in an evolving and uncertain economic landscape. Notwithstanding the future uncertainties, in tandem with our mandate, we are focussed on continuing delivering long-term value and committed to staying the course. Our sound financial management, strong governance and deploying capital strategically allows us to stay ahead of the curve.”
Chief Financial Officer
Left to right: Datuk Hisham Hamdan, Chief Investment Officer, Dato' Amirul Feisal Wan Zahir, Managing Director and Faridah Bakar Ali, Chief Financial Officer during the Khazanah Annual Review 2025.
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billion
billion
(2023: 2.7x)
(2023: 2.7x)
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The privilege of being in Khazanah is how it opens the door to the world and also gives opportunity to give back to Malaysia.”
Chief Investment Officer
Our investments portfolio aims to generate long-term, risk-adjusted returns, sustainably preserving and growing our assets.
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Long-term developmental investments with potential to deliver economic impact
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Our impact fund aims to boost Malaysia's economic competitiveness while creating tangible socio-economic benefits for Malaysians.
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Assets which require turnaround in terms of profitability and sustainable operating cash flows.
Malaysia Airlines plays a key role in projecting Malaysia's presence on the global stage. As a national icon and key enabler of international connectivity, the airline's revitalisation has been a strategic priority. Malaysia Airlines added nine new international routes in the last 20 months to its list of destinations, including Paris, adding greater long-haul connectivity to Europe.
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Staying grounded and attuned to people's everyday realities is an essential component of our effectiveness as a sovereign wealth fund. We are focused on driving strong, risk-adjusted returns responsibly, in respect of both people and planet.“
Head, Group Sustainability & Advocacy, Managing Director's Office
Cenergi SEA - 2.7MW Rooftop Solar, Batu Kawan installation has been delivering clean, cost-efficient energy since June 2022.
Established carbon footprint baseline for our portfolio.
Developed Climate Transition Pathways to identify impactful decarbonisation levers.
Achieved operational carbon neutrality for FY2023 through targeted emissions reductions, renewable energy certificates and verified carbon offsets.
As of 2024, women represent 29% of our Board Directors and 27% of our Senior Management Team.
Developed and launched the SEMARAK Framework to drive long-term societal impact through Dana Impak.
DEI Framework developed in 2023 and integrated across organisational practices.
Formalised director nomination and evaluation processes, complemented by targeted training programmes.
Published revised Voting Guidelines as part of the Shareholder Expectations and Investment Stewardship document.
ESG-linked KPIs established for all key leadership positions in portfolio companies.
At Khazanah, we recognise that addressing climate change is critical to safeguarding long-term value for Malaysia and its people. In 2024, we advanced our climate strategy on both emissions reduction and climate resilience, guided by our commitment to support the national transition to a low-carbon economy and to achieve Net Zero by 2050.
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Khazanah's materiality assessment guides how we prioritise ESG issues most critical to our role as Malaysia's sovereign wealth fund and nation-builder. Conducted in 2024, this latest assessment responds to the evolving ESG landscape and rising stakeholder expectations, building on the foundation set by our 2021 assessment and the formalisation of our Sustainability Framework in 2022.
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We empower the next generation, elevate underserved communities, and foster a vibrant civil society - our commitment to building capacity and delivering societal value is what drives us forward.”
Head, Societal Value Monitoring and Alignment unit, Corporate and Support Services
Kopi Kampung Selatan Johor - Local small entrepreneurs preparing their signature drink for visitors during Berbudi Bersama Outreach Johor at Mall of Medini, Johor.
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Delivering results in an ethical manner
Deriving value from diverse ideas and opinions
Being mindful of the priorities and circumstances of others
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Khazanah's Youth Development Programme (K-Youth) was established to address Malaysia's shortage of highly skilled talent needed to support the rapid growth of high-technology industries.
The Khazanah Residency Programme (KRP) aims to elevate Malaysian talent by equipping individuals in selected fields with the necessary knowledge, skills and networks to excel professionally. It reflects Khazanah’s commitment to building national capacity through focused talent development.
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In 2024, Khazanah Research Institute (KRI) reinforced its position as a leading voice in policy research and advocacy by publishing 15 research papers that addressed some of Malaysia's most urgent socio-economic concerns.
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In August 2022, we launched Galeri Khazanah, a virtual art gallery designed to champion Malaysia's cultural heritage. It features local artists, aiming to share Malaysian art with a broader audience, both at home and globally. Since its inception, the gallery has featured over 200 artworks by 74 Malaysian artists, attracting over 300,000 visitors to the platform.
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Yayasan Hasanah continues to be at the forefront of our Malaysian philanthropic endeavours. In 2024, its initiatives remained centred around five impact areas — Education, Community Development, Environment, Arts & Public Spaces and Knowledge. These initiatives aim to empower the rakyat to become everyday heroes, using their strength to start small efforts that result in big impacts.
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To further support tomorrow's leaders, Yayasan Khazanah, Khazanah's foundation arm, continues to invest in talented young individuals across diverse fields. Yayasan Khazanah supports Khazanah's commitment in the active development of human capital by offering scholarships and groom potential talents to pursue their studies at premier universities in the country and internationally. These scholarships are awarded on merit and are accessible to all outstanding youth, including those from B40 backgrounds.
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Established in 2009, Think City has evolved from managing urban renewal in George Town, Penang, into a national urban impact organisation. Our aim is to shape liveable, sustainable and inclusive cities.
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Under the stewardship of Khazanah Nasional, Taman Tugu continues as a not-for-profit Corporate Social Responsibility (CSR) initiative. This 66-acre urban forest park is a vital green lung in Kuala Lumpur that was established under the national public trust Amanah Warisan Negara (AWAN).
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As Khazanah enters its next chapter, the commitment to building a stronger, more innovative Malaysia remains at the heart of its mission.”
Managing Director
Family candid moment during Berbudi Bersama Outreach Johor at Mall of Medini on 24 August 2024 caught at the Johor LAB booth where innovation meets community.
As we chart our course forward, Khazanah remains firmly anchored in our dual mandate to deliver sustainable long-term returns while advancing Malaysia's economic and social progress. Guided by our Advancing Malaysia strategy and 'A Nation That Creates' (ANTC) framework, we are mobilising capital, ideas and partnerships to shape a more competitive, inclusive and future-ready economy.
We truly value your opinion and would love to hear your thoughts on The Khazanah Report 2024 (TKR2024). As we continue to evolve and refine the way we share our journey as Malaysia's sovereign wealth fund, your feedback plays an important role in helping us understand what resonates with you and where we can do better.
