Khazanah: 2024 Wins, 2025 Risks & MAHB Privatisation

From Khazanah’s impressive 2024 performance to MAHB’s privatisation, in this episode of Enterprise Explores, we delve into the inner workings of Malaysia’s sovereign wealth fund, Khazanah Nasional. The firm plays a crucial role in managing the nation’s wealth—but what drives its decisions, and how does it justify them?

Drawing on insights from its 2025 Annual Review, our discussion with Managing Director Dato' Amirul Feisal Wan Zahir highlights Khazanah’s impressive 24.6% return on investments in 2024 and how Malaysian assets drove that performance.

We also explore the rationale behind its four-portfolio structure that balances commercial returns with developmental impact, and examine how political stability, attractive market conditions, and regulatory incentives have fueled success in Malaysian capital markets.

Looking ahead, he discusses the potential risks for 2025—from global macroeconomic uncertainties to shifts in foreign investment flows—and outlines strategic measures to safeguard national wealth while capitalising on growth opportunities.

Dato' Amirul also sheds light on the strategic rationale behind MAHB’s privatisation—designed to unlock capital for future investments and boost efficiency in the aviation sector—as well as the evolving role of Jelawang Capital in nurturing Malaysia’s startup ecosystem.

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