Riyadh, The Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih explained that the Kingdom of Saudi Arabia is one of Malaysia’s largest trading partners in the Middle East region. Moreover, Saudi Arabia is one of 20 largest investors in Malaysia.
In a statement to the Saudi Press Agency (SPA) on the occasion of the visit of Prime Minister of Malaysia Muhyiddin to Saudi Arabia, the Minister said, “Despite difficult circumstances resulting from the Coronavirus pandemic, which affected all aspects of peoples’ lives and the global economy, the Kingdom of Saudi Arabia and the Kingdom of Malaysia have carried on with growth process in all fields.”
He affirmed that the Malaysian Prime Minister’s visit to Saudi Arabia provides opportunities to enhance the existing cooperation between the two countries, in order to achieve further development and achievements at all levels.
Eng. Al-Falih stated that Saudi Arabia’s most important investments in Malaysia are represented in two giant joint ventures that are under construction in Johor, Malaysia. One of the projects is in the field of oil refining and the other is in the field of petrochemicals. He added that the ventures are a partnership between Saudi Aramco and Malaysia’s Petronas, with a total value amounted to about SAR 64 billion, noting that the agreements for these two ventures were signed during the visit of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud to Malaysia in 2017.
The Minister pointed to the number of Saudi Arabia’s projects in Malaysia which amounted to 44 projects with a value exceeding SAR 1.38 billion. Moreover, Malaysia invests in 38 investment projects in Saudi Arabia and the total investment amounts to more than SAR 1.590 billion.
Eng. Al-Falih emphasized that the Saudi Arabia’s vision 2030 has provided exceptional investment opportunities for investors and pioneering companies in the world, including Malaysian investors. He added that the Kingdom of Saudi Arabia invites everyone to explore promising opportunities it provides in several fields, including tourism, hospitality, entertainment, transport and logistics.
Source: Saudi Press Agency