Fahmi’s mission to UAE attracts potential investments worth RM600 mln

DUBAI: Communications and Digital Minister Fahmi Fadzil‘s four-day official visit, through Malaysia Digital Economy Corporation (MDEC), to the United Arab Emirates (UAE) have attracted estimated potential investments of RM600 million and export opportunities worth over RM330 million.

Fahmi said the potential investments were the outcome of eight memoranda of understanding exchanges between Malaysia, Dubai and Middle East companies, meeting with DAMAC Group chairman Hussain Sajwani, and through the participation of 12 Malaysian tech companies.

The mission coincided with the Gulf Information Technology Exhibition (GITEX Global 2023) and the Expand North Star (ENS) events.

“These are very encouraging numbers. We can definitely see the strengthening relationship and benefits gained between the UAE and Malaysia as well as opportunity for Malaysia to bring our companies, products and services to the rest of the world, particularly to the Gulf Cooperation Council countries,” he told Bernama in a wrap-up interview following his official visit here.

During his mission to the UAE, Fahmi also met Hussain, who is also the founder of DAMAC Group, a leading conglomerate in the UAE, in Dubai and discussed investing in several strategic sectors including the establishment of a data centre in Malaysia.

“I hope this investment potentially could be even bigger and we are giving a little bit of time to iron out some details, but I am very happy and pleased with the outcome of this visit,” he said, adding that the ministry will have to wait for another few weeks for more details on the investments.

As of August 2023, Malaysia has successfully gained foreign direct investment (FDI) commitments worth RM37.4 billion.

Meanwhile, MDEC in a separate statement said that the success represents a strong validation of Malaysia’s growing digital capabilities as well as the unwavering investor confidence in the robust framework provided by Malaysia Digital (MD).

MD is a national strategic initiative aimed at driving accelerated growth of the digital economy and generating opportunities for Malaysians, aligned with the Madani Economy and the New Industrial Master Plan (NIMP) 2030.

A total of 12 high-tech Malaysian companies participated in GITEX Global 2023 and ENS, which also aimed at establishing a platform to foster collaborations between nations, on top of providing participants with the opportunity to engage, expand reach, and showcase the best digital solutions, products as well as services.

GITEX Global has also announced its global expansion, with the world’s first GITEX Europe set to take place from May 21-23, 2025 in Berlin, Germany.-Bernama