Integrated development: (from left) Tradewinds Corp group chief executive officer Shaharul Farez Hassan, Jerantas
corporate representative Tan Sri Abdul Aziz Ismail, Federal Territories and Urban Wellbeing Minister Datuk Raja Nong Chik
Raja Zainal Abidin, Hussain Ali and chief secretary to the Goverment Datuk Seri Dr Ali Hamsa at the ground-breaking ceremony
of Harrods Hotel in Kuala Lumpur.
KUALA LUMPUR: Qatar's sovereign
fund anticipates that its investments in Malaysia will surpass the US$10bil (RM30.8bil) mark, which when fullymaterialised,
should make it among the largest foreign investors here.
A big portion of that amount
US$5bil (RM15.4bil) will be
pumped into petrochemical projects
within the country over the next
three to four years, particularly in
the Pengerang project in Johor.
The investments will come from
Qatar Holding LLC, an investment
arm of the Qatar Investment
Authority (QIA), said Qatar Holding
vice-chairman Dr Hussain Ali Al-
“We are in discussions right now
with major companies in Kuala
Lumpur to invest there,” he said.
However, the expected timeframe
for its investments in Malaysia to hit the US$10bil mark was not
Qatar Holding is also the single
largest shareholder in Pavilion Real
Estate Investment Trust (REIT) with
a 36% stake.
In December 2011, it was reported
that Malaysia and Qatar planned to
set up an RM6.2bil joint-investment
fund to boost investment in both
countries and the region.
Each country would contribute RM3.1bil to the fund, with details on investments to be worked out later.
QIA is also playing a role in the
development of the Sungai Besi land.
1Malaysia Development Bhd is the
master developer of the land and has
roped in QIA to take on the task of
turning the 196.6ha air base into an
upscale township. QIA has reportedly
proposed to invest some RM15.9bil in the venture.
Hussain Ali was speaking to reporters at the Harrods Hotel
groundbreaking ceremony here.
The hotel and the integrated
development, estimated to cost
RM2bil, will include two residential
towers, an office building and a retail podium and is slated for completion in 2018. A direct link to Pavilion shopping complex will also be established.
Jerantas Sdn Bhd is the sole developer of the integrated development. Qatar Holding has a 66% equity interest in the company while Tradewinds Corp Bhd holds the remaining 34%.
Tradewinds Corp, meanwhile, has
a 40% stake in the development while Qatar Holding together with Pavilion REIT holds the remaining
Hussain added that construction
contracts for the hotel were expected to be tendered out in the third or fourth quarter of the year.
Construction of the hotel and integrated development is expected to begin by year-end.
The Harrods Hotel will be located
on 5.48-acr e at the intersection of
Jalan Raja Chulan and Jalan Conlay,
in the heart of Bukit Bint ang.
The seven-star Harrods Hotel in
Malaysia is expected to be the first to open worldwide, with the other two Harrods Hotels in London,
UK and Costa Smeralda, Italy, to open soon after.
Tradewinds Corp holds the franchise
for the Harrods retail stores in
Malaysia and had indicated in its
2008 annual report that it could collaborate with Harrods on residential, commercial and hotel pro jects, especially here.
Qatar Holding bought the Harrods department store in Knightbridge, London from the famed Mohamed Al Fayed, who also owns football club Fulham, in 2010.