The Saudi Economic and Development Company (SEDCO), one of the leading Shariah compliant private wealth management companies in Saudi Arabia, had met with a high profile delegation from Malaysia led by former prime minister Tun Abdullah bin Haji Ahmad Badawi to discuss investments in the East Coast Economic Region (ECERDC). “As a leading Islamic wealth management company based in Saudi Arabia, global investments are a key aspect of our asset allocation model, and we want to explore investment opportunities in the Malaysian economy as part of our focus on making investments in Shariah-compliant investment opportunities across the world,” said Sheikh Saleh Bin-Mahfouz, chairman of SEDCO Holding. He added “we see a lot of common ground on both sides based on our mutual recognition about the significance of Shariah-compliant investments.” The visit of the ECERDC delegation is an indicator of the increased momentum in bilateral trade between Malaysia and Saudi Arabia which was close to $1.8 billion during January-November 2009. Malaysia was ranked as the 13th largest foreign investor in Saudi Arabia in 2008. ECERDC covers the states of Kelantan, Terengganu and Pahang, as well as the district of Mersing in Johor. “We see great potential for attracting significant investment into key projects across the East Coast region with a special emphasis on the oil & gas industry,” said Badawi. “From an ECERDC perspective, our role is to act as a one-stop-shop to facilitate entry of foreign firms and investment into the region and advise them on the opportunities available” he added. “Our discussions with SEDCO have generated great interest and I look forward to their involvement and expertise in attracting more investment to move the ECER economy up the value chain and contribute to the growth of the region.” “SEDCO has a long and successful track record of collaboration with global institutions and fund houses who have benefited from our expertise on Shariah-investment guidelines,” said Dr. Adnan Soufi, CEO of SEDCO Holding. “The visit of this prominent delegation demonstrates our competence in this area and our ability to attract significant flow of funds for investment in Malaysian firms and the overall economy. From our perspective, Malaysia is an attractive investment destination given its progressive industry and strategic location in an increasingly significant Asian economy,” he added.
