ID :
42494
Sat, 01/24/2009 - 17:36
Auther :
Shortlink :
https://oananews.org//node/42494
The shortlink copeid
MALAYSIA, BEST LOCATION FOR ARAB INVESTORS, TOURISTS BY SALBIAH SAID
KUALA LUMPUR, Jan 24 (Bernama)-- Arab property developer, Hesham El Din Fathi Mohamed has visited Malaysia more than 50 times, during which he has made comparisons with other nations across the globe.
Nothing compares to Malaysia especially when it comes to attracting
investors and tourists from the Middle East, he says.
Hesham, an Egyptian said he worked in the Middle East for 15 years, and
having studied the world situation, which currently is dogged by the
financial meltdown, he has come to the conclusion that Malaysia is the best and
right spot for investment.
"Our vision of the Gulf was that this area would definitely go down very
fast. The past few days have confirmed that. By going out first, we would have a
bigger chance than anybody else," said Hesham, who is a managing director of
Golden Corporate Heritage Sdn Bhd, which is the developer of the proposed Arab
City in Jalan Ampang.
Incepted six months ago, Golden Corporate Heritage Sdn Bhd is a joint
venture between Dubai, Saudi Arabian and Malaysian partners. The company has
branch offices in Dubai and Saudi Arabia with diverse interests in real estate,
trading and oil and gas.
Malaysia has a special appeal to the Arab world. What has attracted Arabs to
Malaysia all these years is its safe, steady and friendly environment. It has
been lauded as a modern, moderate and progressive Muslim nation.
"Having studied the world market, we find Malaysia is the only good spot we
can invest in. The Malaysian culture can accept any foreigner easily, has
good infrastructure, is blessed with natural resources and further strengthened
by stability.
"We have never heard of violence in Malaysia. In all aspects, we find
Malaysia the right place to start our investment," he said.
"When we thought of coming to Malaysia, we didn't have a specific project in
mind. I came to Malaysia as a tourist more than 50 times before I made the
decision. After looking at the society, I decided that this is the right
place to invest," said Hesham in an interview with Bernama recently at his
office at Menara Ambank in Jalan Yap Kwan Seng here.
While in Kuala Lumpur, he visited the Arab Street in the Bukit Bintang.
area. Malaysia has the distinction of having many such enclaves in the various
cities and major towns, such as the Chinatown in Kuala Lumpur, Little India in
Klang and the Portuguese Colony in Melaka. These are all tourist attractions.
"Hanging out around the Bukit Bintang area made me discover that Arabs are
focusing here. But unfortunately, the place is not suitable for Arabs who come
here with their families. Arabs choose Malaysia because they want to bring along
their families. It is a family destination," said Hesham.
A survey conducted by the company on Arab tourists along Jalan Bukit
Bintang revealed that they had problems with food and could not find a place in
Kuala Lumpur which was safe for them to spend with their families.
He said that not many Arabs were willing to return for a second visit as
they saw very little improvement in the tourism sector catering to their
community.
Arabs, said Hesham, tend to enjoy their own cuisine and it was difficult
to find a truly authentic Middle Eastern restaurant in the city.
While more than 1.2 million Arabs come to Malaysia each year to shop and
spend time with their families, these are not the same group of visitors from
the Middle East, he said.
Because of all these factors, including the absence of a similar enclave
like Chinatown and Little India, he decided to propose the development of an
Arab City in Malaysia, and when completed, it will be the first in the world.
He said after several meetings, Tourism Minister Azalina Othman
took only two weeks to give the company conditional approval for the project to
be located in Jalan Ampang, which is in the golden triangle. It is also next to
Saloma Bistro and Theatre Restaurant and the Malaysia Tourism Information Centre
(Matic).
However, the company is still awaiting approval for its request for a
33-year lease on the piece of land from the Federal Land and Mines department,
he said.
He said the project, sited a few hundred metres from the iconic Petronas
Twin Towers, will be a retail, business and lifestyle hub with a display of rich
Arab food, culture and tradition in the heart of the city.
He said the development cost of the project is estimated at RM35.4 million
(US$1=RM3.62)while operating cost is over RM150 million.
The proposed Arab City enclave, which will be equipped with state of the
art security systems, will have a two-storey complex with 337 parking bays.
Among the facilities are an exhibition and convention centre which will host
events throughout the year, ten restaurants, two coffee houses, bakeries and a
supermarket.
The bazaar area will have more than 150 shops of international and local
fashion brands, a multi-purpose hall, prayer rooms, beauty salons and a theme
park for families with children.
The project is expected to provide job opportunities for about 1,000
Malaysians while 200 Arabs are expected to run the business.
Citing figures from Mastercard, he said Arabs from the Gulf states spent
US$1.5 billion on shopping abroad during the last summer break.
"Rather than elsewhere, we want them to spend their money here.But we need
to make them feel comfortable during their stay," he said.
Following the Sept 11, 2001 attack on the United States, many Arabs have
avoided that country and Europe. The situation in Lebanon, which used to be a
popular tourist destination for the Middle Eastern tourists, is also not stable
arising from the Israeli attacks on Gaza.
"There are no other options for the Arabs. For instance, Saudi Arabian's by
law cannot go to Thailand," he said.
Many Arabs make Malaysia their first choice destination each year for the
long summer holiday.
Hotels in Malaysia during the Arab summer break, register a 100 percent
occupancy with air frequency increased from 35 flights per week to 45 between
here and the Middle East, with Arabs families usually having a month-long
holidays.
"We are testing the waters here. To invest, we need an assurance and the
Arab tourists who come here, want to feel that they are comfortable," Hesham
said.
He also said Malaysia should tap opportunities from the credit crunch in the
Gulf with more Arab investors expected to flow into the country given the
attractions here.
"But greater efforts and incentives should be provided for, to create a more
conducive environment for the Arabs," he added.
Analysts said early predictions that the Arab states of the Gulf would be
largely protected from the international financial crisis have proved misplaced.
As the turmoil spread, the Gulf has been hit by its own liquidity squeeze --
largely because foreign funds that had wrongly bet on a revaluation of local
currencies pulled out suddenly once the financial crisis hit.
For him, the global crisis should not be an obstacle to doing business.
"You can't shrink and stay at home, waiting for the crisis to go away. Each
country has its own crisis. What's happening in US does not have to affect India
for instance, unless they are connected. I have been hearing a lot of the crisis
and no one can explain why.
"We are here, we have the money. There is a project and there is a market.
How is the crisis going to affect us?
"We see things as being wonderful.We see the economy as beautiful. We want
to do something, at the least. Let us be more optimistic. I came to Kuala Lumpur
not to leave.
"I have my home, my family here but no Malaysian passport or nationality.
But maybe I have a Malaysian heart.
"I am living here with friends, family. There is a future for my kids. What
is strange is, I am working for the country to be better. I am here to stay
forever," Hesham said.
-- BERNAMA
Nothing compares to Malaysia especially when it comes to attracting
investors and tourists from the Middle East, he says.
Hesham, an Egyptian said he worked in the Middle East for 15 years, and
having studied the world situation, which currently is dogged by the
financial meltdown, he has come to the conclusion that Malaysia is the best and
right spot for investment.
"Our vision of the Gulf was that this area would definitely go down very
fast. The past few days have confirmed that. By going out first, we would have a
bigger chance than anybody else," said Hesham, who is a managing director of
Golden Corporate Heritage Sdn Bhd, which is the developer of the proposed Arab
City in Jalan Ampang.
Incepted six months ago, Golden Corporate Heritage Sdn Bhd is a joint
venture between Dubai, Saudi Arabian and Malaysian partners. The company has
branch offices in Dubai and Saudi Arabia with diverse interests in real estate,
trading and oil and gas.
Malaysia has a special appeal to the Arab world. What has attracted Arabs to
Malaysia all these years is its safe, steady and friendly environment. It has
been lauded as a modern, moderate and progressive Muslim nation.
"Having studied the world market, we find Malaysia is the only good spot we
can invest in. The Malaysian culture can accept any foreigner easily, has
good infrastructure, is blessed with natural resources and further strengthened
by stability.
"We have never heard of violence in Malaysia. In all aspects, we find
Malaysia the right place to start our investment," he said.
"When we thought of coming to Malaysia, we didn't have a specific project in
mind. I came to Malaysia as a tourist more than 50 times before I made the
decision. After looking at the society, I decided that this is the right
place to invest," said Hesham in an interview with Bernama recently at his
office at Menara Ambank in Jalan Yap Kwan Seng here.
While in Kuala Lumpur, he visited the Arab Street in the Bukit Bintang.
area. Malaysia has the distinction of having many such enclaves in the various
cities and major towns, such as the Chinatown in Kuala Lumpur, Little India in
Klang and the Portuguese Colony in Melaka. These are all tourist attractions.
"Hanging out around the Bukit Bintang area made me discover that Arabs are
focusing here. But unfortunately, the place is not suitable for Arabs who come
here with their families. Arabs choose Malaysia because they want to bring along
their families. It is a family destination," said Hesham.
A survey conducted by the company on Arab tourists along Jalan Bukit
Bintang revealed that they had problems with food and could not find a place in
Kuala Lumpur which was safe for them to spend with their families.
He said that not many Arabs were willing to return for a second visit as
they saw very little improvement in the tourism sector catering to their
community.
Arabs, said Hesham, tend to enjoy their own cuisine and it was difficult
to find a truly authentic Middle Eastern restaurant in the city.
While more than 1.2 million Arabs come to Malaysia each year to shop and
spend time with their families, these are not the same group of visitors from
the Middle East, he said.
Because of all these factors, including the absence of a similar enclave
like Chinatown and Little India, he decided to propose the development of an
Arab City in Malaysia, and when completed, it will be the first in the world.
He said after several meetings, Tourism Minister Azalina Othman
took only two weeks to give the company conditional approval for the project to
be located in Jalan Ampang, which is in the golden triangle. It is also next to
Saloma Bistro and Theatre Restaurant and the Malaysia Tourism Information Centre
(Matic).
However, the company is still awaiting approval for its request for a
33-year lease on the piece of land from the Federal Land and Mines department,
he said.
He said the project, sited a few hundred metres from the iconic Petronas
Twin Towers, will be a retail, business and lifestyle hub with a display of rich
Arab food, culture and tradition in the heart of the city.
He said the development cost of the project is estimated at RM35.4 million
(US$1=RM3.62)while operating cost is over RM150 million.
The proposed Arab City enclave, which will be equipped with state of the
art security systems, will have a two-storey complex with 337 parking bays.
Among the facilities are an exhibition and convention centre which will host
events throughout the year, ten restaurants, two coffee houses, bakeries and a
supermarket.
The bazaar area will have more than 150 shops of international and local
fashion brands, a multi-purpose hall, prayer rooms, beauty salons and a theme
park for families with children.
The project is expected to provide job opportunities for about 1,000
Malaysians while 200 Arabs are expected to run the business.
Citing figures from Mastercard, he said Arabs from the Gulf states spent
US$1.5 billion on shopping abroad during the last summer break.
"Rather than elsewhere, we want them to spend their money here.But we need
to make them feel comfortable during their stay," he said.
Following the Sept 11, 2001 attack on the United States, many Arabs have
avoided that country and Europe. The situation in Lebanon, which used to be a
popular tourist destination for the Middle Eastern tourists, is also not stable
arising from the Israeli attacks on Gaza.
"There are no other options for the Arabs. For instance, Saudi Arabian's by
law cannot go to Thailand," he said.
Many Arabs make Malaysia their first choice destination each year for the
long summer holiday.
Hotels in Malaysia during the Arab summer break, register a 100 percent
occupancy with air frequency increased from 35 flights per week to 45 between
here and the Middle East, with Arabs families usually having a month-long
holidays.
"We are testing the waters here. To invest, we need an assurance and the
Arab tourists who come here, want to feel that they are comfortable," Hesham
said.
He also said Malaysia should tap opportunities from the credit crunch in the
Gulf with more Arab investors expected to flow into the country given the
attractions here.
"But greater efforts and incentives should be provided for, to create a more
conducive environment for the Arabs," he added.
Analysts said early predictions that the Arab states of the Gulf would be
largely protected from the international financial crisis have proved misplaced.
As the turmoil spread, the Gulf has been hit by its own liquidity squeeze --
largely because foreign funds that had wrongly bet on a revaluation of local
currencies pulled out suddenly once the financial crisis hit.
For him, the global crisis should not be an obstacle to doing business.
"You can't shrink and stay at home, waiting for the crisis to go away. Each
country has its own crisis. What's happening in US does not have to affect India
for instance, unless they are connected. I have been hearing a lot of the crisis
and no one can explain why.
"We are here, we have the money. There is a project and there is a market.
How is the crisis going to affect us?
"We see things as being wonderful.We see the economy as beautiful. We want
to do something, at the least. Let us be more optimistic. I came to Kuala Lumpur
not to leave.
"I have my home, my family here but no Malaysian passport or nationality.
But maybe I have a Malaysian heart.
"I am living here with friends, family. There is a future for my kids. What
is strange is, I am working for the country to be better. I am here to stay
forever," Hesham said.
-- BERNAMA
