KUALA LUMPUR, Sept 12 — Malaysia will continue to be one of the main destinations for investors despite the current global economic challenges, said Qatar’s Ambassador to Malaysia, Essa Mohamed Al-Mannai.
He said Malaysia’s open and stable economic environment, its active role in the Association of South-East Asian Nations, as well as the country’s strategic location, were some of the factors that would continue to attract investors.
“Economic conditions fluctuate because of various factors. There is hope that the current situation will pass and the world economy will get back on its feet again,” he told Bernama.
On Qatar’s investments in Malaysia, he said, the country planned them on a on a long-term basis.
The Qatar Investment Authority (QIA) was always looking for opportunities in Malaysia that were of interest and beneficial to it, he said.
As an example, he referred to Qatar’s investment in the Banyan Tree Signatures Pavilion Kuala Lumpur.
“We are happy to see our investments such as in the Pavilion KL. It’s between us and one of our partners and Pavilion is one of the unique vibes,” he said.
Property developer, the Pavilion Group, went into a partnership with Qatar Holding LLC to develop the Banyan Tree Signatures Pavilion Kuala Lumpur.
Pavilion Group’s unit, Lumayan Indah Sdn Bhd, the developer of the project, has a 51 per cent stake and Qatar Holding 49 per cent.
According to reports, the project, slated for completion by end-2016, includes a luxurious hotel-plus-residences.
Al-Mannai said there would also be more investments in similar icons in the future for tourists “as this is also something important on a friendship basis.”
On another note, he hoped that the new luxury beachside resort, Movenpick Resort & Spa Chendering in Terengganu, through joint company, Success Diar Sdn Bhd, would be completed by end-2016.
Success Diar is a joint company between Success Circle Sdn Bhd, a leading private investment company, and Qatari Diar Asia Pacific Ltd, a subsidiary of Qatari Diar Real Estate Investment Company, which is the investment arm of the QIA.
He said the project was the first one by QIA to be located outside the Kuala Lumpur city centre.
The envoy also touched on Qatar’s preparations for the 2022 FIFA World Cup and encouraged Malaysian companies to be part of this development.
Malaysian companies could participate in the construction of new stadiums, hotels, towers and all other facilities related to the event, he said.