Mideast group to spend 1.44 bln dlrs on Malaysia investments

A Middle East consortium plans to invest at least 5.0 billion ringgit (1.44 billion dollars) in Malaysia's energy, Islamic banking and property sectors, a report said Saturday.

Mideast group to spend 1.44 bln dlrs on Malaysia investments
The consortium is led by Qatar General Insurance and Reinsurance company, Gulf Petroleum Ltd Qatar and other leading investment and banking groups from the Gulf region, the New Straits Times said.

Qatar General Insurance chairman Sheikh Nasser Ali Saud Al-Thani said in a statement released by his legal firm that the group has begun talks on oil and gas projects with the relevant bodies in Malaysia and neighbouring countries.

"We have also started negotiations in the acquisition of equity stakes in financial institutions, acquisition of landed properties and office towers," the statement said according to the daily.

It added that several agreements are expected to be executed on Monday in the Malaysian capital, when Sheikh Nasser will also meet with Prime Minister Abdullah Ahmad Badawi.

Kuala Lumpur will become the group's hub for Asia-Pacific operations, the report said.

The New Straits Times said that Qatar General Insurance is listed on the Qatar Stock Exchange and has interests in the finance sector, energy and properties within Gulf countries and the Middle East and North Africa region.

AFP
Last Mod: 15 Eylül 2007, 23:05
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