MidEast firms to invest 5 bln rgt in Malaysia

obmar · MidEast firms to invest 5 bln rgt in Malaysia

MidEast firms to invest 5 bln rgt in Malaysia-paper
Sat Sep 15, 2007 4:49am BST
Email This Article |Print This Article | Reprints
[-] Text [+]

KUALA LUMPUR, Sept 15 (Reuters) - A group of Middle Eastern firms will invest at least 5 billion ringgit ($1.4 billion) in oil and gas, Islamic banking and property projects in Malaysia, a newspaper reported on Saturday.

The consortium would be led by Qatar General Insurance and Reinsurance Company (QGIR.QA: Quote, Profile, Research), Gulf Petroleum Ltd Qatar and investment and banking firms from Saudi Arabia, Kuwait, Bahrain and the United Arab Emirates, the New Straits Times said quoting a statement released through legal firm Azmi Abdullah & Co.

Qatar General Insurance chairman Sheikh Nasser Ali Saud Al-Thani said the group had started talks with relevant parties in Malaysia and neighbouring countries for oil and gas projects.

"We have also started negotiations in the acquisition of equity stakes in financial institutions, acquisition of landed properties and office towers," Sheikh Nasser was quoted as saying.

"The consortium is planning to make Malaysia their regional hub for Asia-Pacific operations."

He said several deals would be signed on Monday in the Malaysian capital.

Azmi Abdullah & Co could not be reached for comment. ($1 = 3.4800 ringgit)

© Reuters 2007. All rights reserved

The Inquisitor

That's a fantastic coup for your country, obmar.

Hopefully they will also finance alternative energy sources as well.

obmar

A huge chuck of the ME fund is now managed here.

A couple of Banks had emerged in the local scene lately.

The Malaysian Prime Minister inaugurated the operations of “ Al Rajhi Bank – Malaysia” as the first Arabian bank in south east Asia.
Under the auspices of the Malaysian Prime Minister, Abdullah Bin Ahmad Badawi, yesterday, Monday, in the capital Kuala Lumpur, the ceremony on launching official work and full operation of the twelfth branches of “Al Rajhi bank – Malaysia” that are considered the first bank branches there as well as first steps of Al Rajhi bank to operate outside Saudi to be the first Saudi bank operating in Malaysia, was held.

The inauguration ceremony was attended by HE Governor of Malaysian Central Bank, Mrs Zetay Akhtar Aziz, HE Dr. Mohammad Bin Suleiman AlJasir, Deputy Governor of Saudi Arabian Monetary Agency, Mr. Abdullah Al-Sulaiman AlRajhi, Executive Director of Al Rajhi Bank, President of Al Rajhi Bank – Malaysia, diplomatic crops members in Malaysia headed by Saudi Ambassador to Malaysia, Malaysian Ambassador to Riyadh and a group of businessmen and bankers in the region of south east Asia.

In the speech delivered by HE the Prime Minister on this occasion, he expressed Malaysia’s great happiness for being the first global destination of Al Rajhi Bank, biggest Islamic Bank around the world, which is considered one out of three financial institutions licensed by the government to practice banking in the country. Its presence will support quick development of the Islamic financial system in Malaysia.

Al Rajhi Bank could create a unique pattern to meet modern financial needs in the banking business preserving Islamic values acceptable and required internationally, added by Badawi.

It is also clarified by him that Islamic Financial Business development in his country, has occupied a distinct position based on strong economy with stability in the balance of payment, good rates of economic development and least unemployment and inflation rates among south-east Asia economies that enabled Malaysia to develop infrastructure that gives a framework to the Islamic banking and financial business and makes it expand its horizons by granting new licenses to independent banks in addition to raising the dividend of the foreign partners of the Islamic financial institutions and several solidarity institutions up to 49 percent.

HE the President expressed his high admiration for Al Rajhi Bank’s practice and experience in Islamic banking extended over more than five decades assuring his confidence that the presence of the Al Rajhi Bank will support and develop Islamic banking business in his country.

He concluded his speech saying that Malaysian businessmen, pilgrims and omrah performers can now utilize the developed technical structure of the Al Rajhi Bank in the field of electronic payments, electronic trade and electronic banking on which the bank achieved leadership among Islamic banks around the world.

On the other hand, Mr. Abdullah Al Rajhi thanked and appreciated Al Rajhi Bank President and Board of Directors, Al Rajhi Bank Board of Directors in Malaysia, employees of both banks, Malaysian Government, and Prime Minister for honoring the ceremony as well as Monetary Agencies in the Kingdom and Malaysia for supporting and assisting the bank in its first international step.

It was stated by Al Rajhi that Al Rajhi bank-Malaysia will play an important role in the growth of the trade and business across the borders between Malaysia, Asia and Middle East. Also, he considers Malaysia as his gateway to render his financial services in the Asian Continent.

He explained that the bank will render all banking services and products to the individuals, companies as well as funding and investing products in Malaysia in accordance with higher criteria and best banking technologies well-known internationally.

He pointed out that Al Rajhi bank is among most rapid and strong banks in terms of growth in Saudi at the level of profits, revenue on assets, and revenue on equities according to last years results including 2006 year results.

Al Rajhi considered such a step by the bank as a new addition to the Saudi Private Sector in general and banking sector in particular, since it will enhance successes of the Saudi business sector abroad on the one hand, and it contributes to strengthening economic and banking relations with the region of south and south-east Asia.

Al Rajhi bank – Malaysia has inaugurated 12 branches that are completely operated in the capital Kuala Lumpur, besides branches in the regions and cities of Klanj, Kajanj, Chiras, Hartmas, Shah Alam, Kilna Jaya, Banjsar, Bushing, Kuta Damansara, and Supanj.

It is to be indicated that Malaysia is considered as owner of best permanent economic growth at an annual rate 8.5 % within last three decades. It has achieved best economic performance between the states of south-east Asia just after 1997 crisis, since it has adopted establishment of the Islamic Financial Services Council and it is among states most interested in the Islamic Banking and Islamic Financial System.