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Thursday, September 13, 2007

GCC Consortium to invest RM5 Billion in Malaysia

KUALA LUMPUR, Sept 13 (Bernama) -- Malaysia is set to get about RM5 billion investments in its oil and gas projects, Islamic banking and property sector from a consortium from Gulf Cooperation Council (GCC).The consortium is led by the Qatar General Insurance and Reinsurance Co (QGIRCO) and Gulf Petroleum Ltd (W.L.L.), Qatar (GPL), said a statement here Thursday.QGIRCO is the majority shareholder in GPL."The consortium has started talks with the relevant parties in Malaysia as well as in the neighbouring countries for oil and gas projects, acquisition of equity stakes in financial institutions, acquisition of landed properties and officer towers," said QCIRCO's chairman, who is also the chairman of GPL and World Trade Centre of Doha, Sheikh Nasser Ali Saud Al-Thani.He said several agreements were expected to be signed soon and the investments in Malaysia would be not less than RM5 billion.
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