Sarawak premier Abang Johari Openg said the fund, which is expected to be tabled at the Sarawak state assembly sitting next month, will also be professionally managed.

He said the fund will also be used to provide free and quality education to Sarawakians and to send the state’s young talent to world-renowned universities to pursue knowledge and skills.

“These talents are important and I expect them to be ‘smart and agile’, as well as be able to tell us what to do and contribute to the state’s advancement and long-term sustainability,” he said in his speech during the Development Bank of Sarawak’s (DBOS) 5th anniversary dinner here, tonight.

Abang Johari said the state government has also sent teams to Norway, Singapore and London to study the best possible model to run the wealth fund.

“Our wealth fund will be based on the ‘Santiago Principles’ and it will be professionally managed by a board of directors from different professions and backgrounds,” he said.

Meanwhile, Abang Johari said DBOS was incorporated in May 2017, four months after he assumed office in Jan 2017.

He said DBOS was launched with a paid-up capital of RM500 million from the state’s reserve fund and given the mandate to fund strategic infrastructure projects under the State Transformation Plan.

“Sarawak has a huge land mass and to meet its development agenda would require huge capital investment. Sarawak needs to be in control of its development and not leave it to others,” he added.