Arabian Gulf firms to invest US$1.4 billion in Malaysia

obmar · Site Admin Joined: 14 Apr 2006 Posts: 5697

Author: BI-ME staff
Source: BI-ME and media reports
Published: 15 September 2007
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INTERNATIONAL. A group of Arabian Gulf firms will invest at least MYR 5 billion (US$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, Gulf Petroleum (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.

The Inquisitor · Joined: 17 Jun 2006 Posts: 772

Obmar,

Right now the gulf states are flush with cash. Unfortunately, most of it is in dollars, and that currency is taking a beating right now. I think they'd rather spend what they have now at today's rate rather than wait for further devaluation which would erode their net worth.

obmar · Site Admin Joined: 14 Apr 2006 Posts: 5697

Hmm,

How bad will it be for the green bag, this time round?