RIYADH (Saudi Arabia): Jabal Omar Development Co has invited greater Malaysian participation, including Tabung Haji, in the 24ha real estate project near the Grand Mosque in Mecca.
International Trade and Industry Minister Datuk Mustapa Mohamed, who is on the final leg of his week-long trade and investment mission to three Arab countries, said the project involves 18 billion Saudi riyal (RM17 billion).
"Work has started. They are inviting Malaysian investors, including Tabung Haji, to rent part of the area that is under development," he said here last Saturday.
"God willing, we are able to hold meetings with the relevant parties in Malaysia to encourage them to invest in this project."
Jabal Omar Development Co, listed on the Saudi Stock Exchange, is the real estate investment, development and property manager of Jabal Omar.
The project, aimed mainly at providing better housing facilities for pilgrims, will have 92 multi-storey buildings, 27 five-star and four-star hotels, parking for 12,000 vehicles, commercial centres, 4,500 shops and 3,000 showrooms, a central transport station, and prayer facilities for 202,000 worshippers.
The land and infrastructure part of the project is scheduled for completion next year.
Mustapa said that he had also been briefed by Saudi Arabia-Malaysia Business Council chairman Dr Sheikh Ghassan Al-Sulaiman on the possibility of enhancing further bilateral cooperation, including the participation of Malaysian companies in several integrated tourism projects.
"This is one field that is being developed by Saudi Arabia. Previously, tourism was seen as a less convincing sector, but today, many of the Gulf nations, including Saudi Arabia, are diversifying their economies,
"In the past, they relied too much on oil and gas. Today, they all want to diversify their economies, and I was briefed that tourism is one of the sectors in focus."
Mustapa added that the sector was open not only for Saudis but also for people in the Gulf region.
"Therefore, the opportunity for Malaysian companies is really good." - Bernama
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- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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