Saudi Gazette report

RIYADH — Saudi Arabia is one of Malaysia's largest trading partners in the Middle East region and one of 20 largest investors in Malaysia, said Saudi Arabia’s Minister of Investment Khalid Al-Falih.

In a statement to the Saudi Press Agency on the occasion of the visit of Malaysian PM Muhyiddin Yassin to the Kingdom, Al-Falih said: “Despite difficult circumstances resulting from the coronavirus pandemic, which affected all aspects of people's lives and the global economy, Saudi Arabia and Malaysia have carried on with growth process in all fields."

He affirmed that the Malaysian premier'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.

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 SR64 billion, noting that the agreements for these two ventures were signed during the visit of Custodian of the Two Holy Mosques King Salman.

Saudi Arabia has as many as 44 projects in Malaysia worth more than SR1.38 billion, the minister pointed out. Moreover, Malaysia invests in 38 investment projects in Saudi Arabia and the total investment amounts to more than SR1.590 billion, he added.

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 Saudi Arabia invites everyone to explore promising opportunities it provides in several fields, including tourism, hospitality, entertainment, transport and logistics.