Penang investment mission to Mideast draws RM100m

The Edge Daily:A mission by the state government to attract investors from the Middle East to the International Halal Hub in Penang has drawn more than RM100 million in investments.

State trade committee chairman Abdul Malik Kassim, who led the Penang government investment mission to Dubai, Riyadh and Jeddah this month said at least four Saudi companies will be arriving in Penang from Oct 6 for follow-up discussions.

“We received overwhelming support from many major corporations who have pledged to come here,” said Abdul Malik.

Among them are Al Balagh, a food processing, meat processing, cattle rearing and halal mart chain store; Al Hayat, a cutlery and stainless steel producer; Al Hayat Solar Energy, which runs a solar panel substation in Saudi Arabia and Al Takammol, a food processing and packaging concern, he added.

“The Al Jawhara Group of Hotels and Apartments in Dubai, which manages hotels on a halal concept, has also agreed to invest in the hotel industry in Penang, namely in real estate and help us to set up the halal concept compliance hotel especially among the existing hotels in Penang.

“Among them are the Acess Group from Saudi Arabia and Ethraa Group from Dubai,” Abdul Malik said at a press conference chaired by Penang Chief Minister Lim Guan Eng.

Abdul Malik said discussions were also held with three airlines to initiate direct flights to Penang.

Another large organisation in Dubai has also expressed interest to take part in cattle and goat rearing and meat processing industry. “This same organisation, which has also carried out poverty eradication projects in some countries, has also offered its expertise to help the state government in its poverty eradication programme,” he added.

Abdul Malik said that another multinational company with bases in the US and West Africa has also expressed interest to help Malaysia promote its halal products. “This company, which has its own trading house chain, is also expanding the promotion of halal products to Europe and Africa.

“Hence, once we have successfully set up our international halal hub, we will have all the necessary expertise to help promote our halal products,” he added.

Abdul Malik said there were also parties who had expressed keen interest to invest in the Islamic banking and insurance sectors.

Lim said that he would be embarking on a follow-up mission to the Middle East in October. “We have worked hard over the past six months since taking over the Penang state government and now we are seeing the results, though not really as much as we would have liked.”