Malaysia secures close to RM34 bln investments from Saudi Arabia's Ajlan & Bros - MIDA | Malaysian Investment Development Authority
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Malaysia secures close to RM34 bln investments from Saudi Arabia’s Ajlan & Bros

Malaysia secures close to RM34 bln investments from Saudi Arabia’s Ajlan & Bros

29 Aug 2022

Saudi Arabia conglomerate Ajlan & Bros Holding Group is set to invest close to US$7.5 billion (RM34 billion) in nine Malaysian companies, said Prime Minister Datuk Seri Ismail Sabri Yaakob.

During the signing of the memoranda of understanding today, he said the nine companies are from the semiconductor, social trade, medical technology, defence and entertainment industries. 

They are Dagang NeXchange Bhd; Aerodyne Systems Sdn Bhd; National Aerospace and Defence Industries Sdn Bhd; Twistcode Technologies Sdn Bhd; CyberSecurity Malaysia; Malaysian Genomics Resources Centre Bhd (MGRC); Meta Universe Sdn Bhd; Light Up 7 Sdn Bhd and My Events Sdn Bhd.

Ajlan & Bros has investments in several countries across various portfolio such as real estate development, international investments, logistics, infrastructure, ports, energy, mining, healthcare and tourism.

It has made considerable investments in more than 25 countries, employing over 15,000 people. 

MGRC executive director Noor Azri Noor Azerai said that as part of the MoU, the parties will explore the feasibility of Ajlan & Bros becoming a marketing and distribution representative for its genetic screening tests, mesenchymal stem cell and exosome products.

Ajlan & Bros will also identify commercial research and development (R&D) opportunities for genome sequencing and analysis in the Middle East and North Africa (MENA) region for areas such as agriculture, aquaculture, plantations, healthcare and industrial biotechnology.

“MGRC on its part will analyse samples for genetic screening tests as well as genomic and bioinformatics expertise to bid for projects through Ajlan & Bros,” he said in a separate statement.

Ajlan & Bros group chief executive officer Ali AlHazmi said the company is looking forward to working with Malaysian Genomics to bring local biopharmaceutical and genetic services and products to Saudi Arabia.

‘’This MoU is just the beginning as we explore how we can work closely together in the coming months,’’ he said.

Source: Bernama