20/08/2026
A Valuable Engagement with Tan Sri Andrew Sheng
Qhazanah Sabah Berhad (QSB), led by its Chairman, Tan Sri Anifah Aman, had the privilege of engaging with Tan Sri Andrew Sheng, Special Advisor to the Chief Minister of Sabah, for an insightful discussion on the stewardship and long-term development of Sabah’s wealth.
Tan Sri Andrew emphasised that there is no single model for a sovereign wealth fund, with institutions such as Norway’s Government Pension Fund Global, Temasek and Khazanah Nasional reflecting different mandates, funding sources, investment horizons and risk profiles.
The engagement also highlighted that commercial and developmental investments should not be assessed through the same lens. Each requires a clear mandate, appropriate investment strategy, risk framework and performance benchmark, with developmental investments also assessed based on their broader economic impact.
Established in 1995, QSB was founded with the aspiration of serving as Sabah’s strategic investment institution, with leading sovereign investment institutions referenced in its founding Cabinet Paper. This original intent remains highly relevant as QSB continues to strengthen its institutional framework towards long-term wealth creation, strategic development and the mobilisation of external capital.
Tan Sri Andrew further highlighted the opportunity to leverage multilateral institutions, including the Asian Development Bank (ADB) and Islamic Development Bank (IsDB), to support suitable infrastructure and developmental investments, potentially complemented by appropriate sovereign support mechanisms.
At this formative stage of shaping Sabah’s sovereign wealth fund model, the importance of bringing key stakeholders together was also emphasised to determine Sabah’s strategic positioning within the regional economy, leveraging its abundant resources, strategic location and long-term growth potential.
Equally important is the establishment of a strong legislative and governance framework to safeguard the State’s wealth, ensure accountability and preserve its value for future generations.
The engagement reinforced the importance of remaining disciplined, transparent and true to the mandate.
For QSB, this reaffirms a fundamental principle: a sovereign investment institution should not merely invest State capital, but steward it with purpose, discipline and accountability across generations.
QSB expresses its sincere appreciation to Tan Sri Andrew Sheng for sharing his valuable experience, insights and guidance.
QSB remains committed to strengthening its institutional foundations, creating long-term value and contributing towards the sustainable growth and prosperity of Sabah for generations to come.