Strategic MOUs Inked Between Ajlan & Bros Holding Group and Notable Malaysian Companies
Kuala Lumpur, 29 August 2022 – Ten Memorandums of Understanding (MOUs) were signed and exchanged between Ajlan & Bros Holding Group and prominent Malaysian companies within the fields of manufacturing, electrical and electronics, aerospace, e-commerce, construction, healthcare, technology, entertainment and cybersecurity today. The formalised partnerships are anticipated to collectively represent potential investments of USD7.5 billion or close to RM34 billion (USD7.5 billion; BNM exchange rate USD1 = MYR 4.47).
Among the MOUs signed include collaborations between the Saudi conglomerate with Dagang NeXchange Berhad (DNeX), Aerodyne Systems Sdn. Bhd., National Aerospace & Defense Industries Sdn. Bhd. (NADI), Twistcode Technologies Sdn. Bhd., CyberSecurity Malaysia, Malaysian Genomics Resource Centre Berhad, Meta Universe Sdn. Bhd., Light Up 7 Sdn. Bhd. and My Events Sdn. Bhd.
YB Dato’ Seri Mohamed Azmin Ali, Senior Minister and Minister of International Trade and Industry (MITI) remarked, “Malaysia is looking for new collaborations to grow together and such partnerships with Ajlan & Bros Holding Group reaffirm our aspirations. During the Round Table Networking Session on 24 June 2022 with the group, we explored potential investments for prominent Malaysian companies in various sectors and identified the vast prospects for both parties to exploit for mutual gain. Indeed, Malaysia is keen to explore new opportunities in the Kingdom’s ambitious Vision 2030. While Malaysia has achieved numerous economic milestones, we must step up efforts to leverage on the opportunities to achieve greater economic success and build stronger and meaningful bilateral relations with the Kingdom. Our home-grown companies must be well-positioned to emulate success stories like Ajlan & Bros Holding Group into their corporate transformation programme.”
“The Kingdom of Saudi Arabia has become a successful model for many countries around the world to develop entrepreneurship and economic diversification. Their prominent companies need no introduction, having won international accolades and prestigious awards. This fits well with our National Investment Aspirations (NIA) which encourages a sustained flow of quality investments in new and complex growth areas. Through this initiative, NIA aims to foster quality innovation and sophisticated projects in Malaysia,” added the Senior Minister.
Datuk Wira Arham Abdul Rahman, MIDA CEO said, “We are proud that Ajlan & Bros Holding Group will be partnering our local companies to access the wider market in the ASEAN region. MIDA has been working closely with Ajlan & Bros Holding Group and we are optimistic that this collaboration will be a stepping stone to provide more rewarding connections for both our business communities.”
He added, “Our players will also be leveraging this partnership to enlarge their footprint globally in the Kingdom. MIDA continues to empower and motivate the private sector through active communication channels and facilitating investor connections, creating a lucrative investment environment that characterizes the abundance of qualitative enablers and competitive advantages.”
Ajlan & Bros Holding Group is among the Forbes List of Top 100 Arab Family Businesses in the Middle East for 2021. The Group has been actively expanding its presence globally through partnerships and collaborations across a variety of industry sectors. The Chairman of the Group, Mr. Ajlan Bin Abdulaziz Al Ajlan is also the Chairperson of the Council of Saudi Chambers of Commerce and Industry (CSC) where he represents the Riyadh Chamber of Commerce and Industry.
“The move aims to strengthen existing economic relations between two countries by developing effective programmes and mechanisms for collaboration in efforts for all future projects of mutual interests and thereafter. Partners will co-operate and work together in the fields of trade, investment, knowledge exchange, and facilitate joint economic efforts during the next stage, thereby promoting sustainable economic development in both countries.” said Sheikh Mohammed Abdulaziz Al Ajlan, Vice Chairman Ajlan & Bros. Holding Group.
As of March 2022, Malaysia has recorded a total of 18 approved manufacturing projects with Saudi participation, amounting to RM5.13 billion (USD1.65 billion) of investments. These projects are anticipated to create 2,560 jobs across industries such as chemical and chemical products, food manufacturing, electronics and electrical products, textiles and textile products, plastic products, non-metallic mineral products, machinery and equipment as well as scientific and measuring equipment.
MIDA is the government’s principal investment promotion and development agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 20 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on Twitter, Instagram, Facebook, LinkedIn, TikTok and YouTube channel.
ABOUT AJLAN & BROS HOLDING GROUP
Ajlan & Bros Holding Group is part of Ajlan & Bros Group of Companies, which is a multinational investment conglomerate and headquartered in Saudi Arabia with extensive global private equity, real estate and industrial investments.
For further information, please contact:
Mr. Faizal Jalaludin
Director, Foreign Investment Division, MIDA
Tel: 03-2267 6650 | Email: [email protected]
Dr. Abdul Khaliq Rasheed
Consultant, Malaysia/ASEAN, Ajlan & Bros Group
Tel: +966114665555 | M: +60189875941