KUALA LUMPUR, Aug 29 — While Malaysia has achieved numerous economic milestones with Saudi Arabia, the nation must step up its efforts to build stronger and meaningful bilateral relations with the kingdom, said Senior Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali.

He added that local home-grown companies must be well positioned to emulate success stories like Saudi Arabia conglomerate Ajlan & Bros Holding Group in their corporate transformation programmes.

Today, ten memorandums of understanding (MOUs) were exchanged between Ajlan & Bros Holding Group and prominent Malaysian companies within the fields of manufacturing, electrical and electronics, aerospace, e-commerce, construction, healthcare, technology, entertainment and cybersecurity.

The partnerships are anticipated to collectively represent potential investments of US$7.5 billion (RM34 billion).

"Saudi Arabia has become a successful model for many countries around the world to develop entrepreneurship and economic diversification. Their prominent companies need no introduction, having won international accolades and prestigious awards.

"This fits well with our National Investment Aspirations (NIA), which encourages a sustained flow of quality investments in new and complex growth areas,” he said in a statement, adding that NIA aims to foster quality innovation and sophisticated projects in Malaysia.

Malaysian Investment Development Authority (Mida) chief executive officer Datuk Arham Abdul Rahman said Ajlan & Bros will be partnering local companies to access the wider market in the Asean region.

"Our players will also be leveraging this partnership to enlarge their footprint globally in the kingdom.

"MIDA continues to empower and motivate the private sector through active communication channels and facilitating investor connections, creating a lucrative investment environment that characterises the abundance of qualitative enablers and competitive advantages,” Arham said.

Ajlan & Bros vice-chairman Sheikh Mohammed Abdulaziz Al Ajlan said the MoUs aim to strengthen existing economic relations between the two countries by developing effective programmes and mechanisms for collaboration in efforts for all future projects of mutual interests.

He said the partners will co-operate and work together in the fields of trade, investment, knowledge exchange, and facilitate joint economic efforts during the next stage, thereby promoting sustainable economic development in both countries.

Ajlan & Bros is among the Forbes List of Top 100 Arab Family Businesses in the Middle East for 2021 and has been actively expanding its presence globally through partnerships and collaborations across a variety of industry sectors. — Bernama