Grab, SoftBank and Petros plan US$1.85 billion Malaysia AI investment
The proposed funding would be released in stages as development and customer contract milestones are met.
Grab, SoftBank and Petroleum Sarawak (Petros) have signed an agreement to develop AI infrastructure in Malaysia, proposing US$1.85 billion in initial seed capital. The agreement was announced on Nov 10.
SoftBank will contribute US$1 billion, while Grab will invest US$750 million and Petros US$100 million. The companies said funding would be released progressively, depending on development progress and customer contract milestones. They will also seek other investors and hyperscaler customers to support expansion.
The deal follows a separate agreement between the same companies for development in Sarawak. That project has a proposed initial investment of US$1 billion: US$800 million from SoftBank and US$100 million each from Grab and Petros.
Grab co-founder and CEO Anthony Tan is expected to supervise both projects and select teams for their daily operations. Grab’s board has approved his involvement. SoftBank has also agreed in principle to retain its Grab shares under a five-year lock-up.
The companies said the investments form part of a multi-year effort to build AI capacity across Sarawak and peninsular Malaysia, targeting five gigawatts or more over the long term.
The projects are intended to align with Malaysia’s National AI Action Plan and Sarawak’s Development Strategy 2030. The facilities will follow Malaysian guidelines on renewable energy use, with designs intended to limit water consumption and dependence on local electricity grids. The partners will also explore advanced manufacturing in Malaysia.
