Prime Minister of Malaysia’s Maiden Visit to Qatar and UAE Brought in RM4.1 Billion of Investments via Agreements

Prime Minister Dato’ Sri Ismail Sabri Yaakob made his first official visit to the State of Qatar and the United Arab Emirates (UAE), accompanied by Senior Minister and Minister of International Trade and Industry (MITI) Dato’ Seri Mohamed Azmin Ali from 25-31 March 2022. Also, in attendance was a delegation from MIDA that was led by the Chief Executive Officer, Datuk Arham Abdul Rahman, as well as a few other ministers.

In Qatar, the Prime Minister’s itinerary included a meet and greet session with the Qatari business community, a session with Keluarga Malaysia, and meetings with potential investors, in addition to the witnessing of several Memorandums of exchange. Dato’ Sri Ismail Sabri was also granted an audience with the Qatar Emir, His Highness Sheikh Tamim bin Hamad Al Thani.

As a result of this, the delegation returned with proposed new investments valued at RM4.1 billion, consisting of pledges by Agrico Agriculture Development WLL (RM1.5 billion), Baladna Food (RM2.1 billion), and the Morex Group (RM500 million).

The Prime Minister also visited the Baladna cattle farm and dairy production facility. A Memorandum of Cooperation signed in 2019 whereby Baladna enters into partnership with Felda Global Ventures (FGV) and FELCRA resulted in a strategic collaboration to develop a large-scale dairy project in Chuping, Perlis – a collaboration that is set to be finalised by June 2022.

The final leg of the visit to Qatar saw Dato’ Sri Ismail Sabri visiting the Morex Group, which plans to expand their operations in Malaysia over two phases of investment proposal amounting to RM500 million. The first phase involves the setting up of resorts, business hotels, convention centres, and wellness resorts in some of the famous tourist destinations such as Langkawi, Penang, Malacca, and Kuala Lumpur; the second phase will focus on hospitality services and trading goods to cater for the tourism industry in Malaysia.

In the UAE, Dato’ Sri Ismail Sabri witnessed the signing and exchange of nine (9) memorandums between Malaysian companies and their international business partners, involving five (5)

Standing left to right:

Mr. Nasser Ahmed Al-Khalaf (Managing Director, Agrico Agriculture Development), Datuk Arthur Joseph Kurup (Deputy Minister of Works), Dato’ Seri Azmin Ali (Senior Minister International Trade and Industry), Dato’ Seri Mahdzir Khalid (Minister of Rural Development), Dato’ Seri Idris Jusoh (FELDA Chairman), Dr. Fahad Saleh Ibrahim (Farm Production Director, Agrico Agriculture Development)

 Seated:

Dato’ Seri Ismail Sabri (Prime Minister of Malaysia), Mr. Ahmed Hussain Al-Khalaf (Chairman, Agrico Agriculture Development)

Memorandums of Understanding (MoU), two (2) Memorandums of Business Exploration (MoBE), one (1) Memorandum of Agreement (MoA), and a Letter of Intent (LoI).

The MoU between Masdar and Ranhill Utilities Bhd. is for the proposed decarbonisation of Malaysia’s electricity industry, while the one between Perbadanan PR1MA Malaysia and Sany Construction Industry Development (M) Sdn. Bhd. aims to deliver fast and quality affordable housing for the M40 income group, using Sany’s IBS technology.

The MoU between AK International LLC and European Wellness Academie (Asia Pacific) Sdn. Bhd. aims to establish the world’s first halal-based centres of excellence for biological regenerative medicine and education in Malaysia, while the one between Pharmaniaga Manufacturing Bhd. (PMB) and Prime Medical Store LLC will serve as the foundation for establishing a framework that will grant Prime Medical the exclusive rights to register, import, promote, market, sell, and distribute PMB’s pharmaceutical products in the UAE.

Meanwhile, the MoU between Hortman Clinics and Covid Medicare on Support Incorporation aims to purchase and market a product called the Immuno X Booster.

The two (2) MoBEs were between UEM Edgenta Bhd and two (2) separate Dubai-based fintech startups – Byte Blanket and Disrupt-X – which are aimed in building sustainable smart cities.

For the MoA between TWL Holdings Bhd. and Tatra Investment LLC, the two companies plan to jointly form a strategic collaboration in the healthcare sector to procure, import, supply, and distribute medical pharmaceutical products in Malaysia and Southeast Asia.

Additionally, the LoI was from Abu Dhabi-based Pure Harvest to the Northern Corridor Implementation Authority (NCIA), where Pure Harvest sought assistance to facilitate its investment in Malaysia through the Northern Corridor Economic Region (NCER).

MIDA views these developments as a welcome effort in gaining high-quality foreign direct investments for Malaysia, where the investments assume an important role in local development due to a multiplier impact on the economy – particularly in the post-pandemic era.

Indeed, both Qatar and the UAE agreed to further expand trade and investment opportunities in Malaysia, as well as to intensify economic cooperation.

It is encouraging that several companies are already expressing interest to invest in Malaysia by leveraging its strategic position as a gateway to the Asia Pacific region.

Additionally, the Government – through policy reviews and targeted approaches – will ensure that Malaysia remains the preferred investment destination with a favourable environment for quality investments in Asia.

Left to right:

Mr. Hairil Yahri Yaacob (Deputy Secretary General International Trade, Ministry of International Trade and Industry), Mr. Mohd Mustafa Abdul Aziz (Chief Executive Officer, MATRADE), Datuk Arham Abdul Rahman (Chief Executive Officer, MIDA), Dato’ Seri Azmin Ali (Senior Minister International Trade and Industry), Mr. Sherief Maulakkiriath (Chairman & Managing Director, Morex Group), Mr. Rakesh G (Strategic Planning Director, Morex Group), Mr. Mohemmed Parvez (Business Development Manager, Morex Group)

Newsletter March 2022