JEDDAH (March 24): Prime Minister Datuk Seri Anwar Ibrahim has witnessed the signing of three memoranda of understanding (MOUs) between Malaysian and Saudi Arabian private companies.

The MOUs were inked between Dagang NeXchange Bhd and Ajlan & Bros Holding Group Co; the Kuala Lumpur International Chamber of Commerce and Wadi Makkah Knowledge Co; and Qhub International Sdn Bhd and Eromman Technologies Sdn Bhd.

The ceremony, which was also witnessed by Jeddah Chamber of Commerce and Industry chairman Sheikh Mohammed Yousuf Naghi, took place at The Ritz-Carlton Jeddah after the Tarawikh prayer on Thursday night (March 23).

Also present were Foreign Minister Datuk Seri Dr Zambry Abdul Kadir, Communications and Digital Minister Fahmi Fadzil, and Malaysian Ambassador to Saudi Arabia Datuk Wan Zaidi Wan Abdullah.

Earlier on, Anwar and his delegation, who were on a three-day official visit to Saudi Arabia, engaged with some 20 heads of companies from the kingdom in a round-table meeting to discuss areas of cooperation and new sectors to be jointly explored.

During the one-hour meeting, the PM assured Saudi Arabia’s captains of industry that they can now expect political stability in Malaysia and a more dynamic approach to business from the current government.

Anwar also promised that his administration would commit to ensuring good governance.

The PM was also briefed by Malaysian businessmen on their extensive involvement in the futuristic city of Neom, Saudi Arabia’s latest megaproject, and the various opportunities awaiting industry players from Malaysia.

Meanwhile, Sheikh Mohammed Yousuf described Malaysia as an inspiration for reform, adding that the Saudi business community was encouraged by the political stability in Malaysia, and is ready to take their ventures to the next level.

“Moving forward, we will be looking at renewable energy, and we hope Saudi investors can engage in joint ventures and tap into Malaysia’s know-how,” he said.

Among other things, the Saudi Arabian companies have expressed their interest in exploring the manufacturing of microchips and semiconductors, medicare and education sectors.

The PM and his delegation are scheduled to depart for home on Friday.

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