EXIM Bank backs Mac World's gulf expansion
Published on: Friday, May 23, 2025
Published on: Fri, May 23, 2025
By: Bernama Text Size: Kuala Lumpur: The Export-Import Bank of Malaysia Bhd (EXIM Bank) has inked a financing agreement with Mac World Food Industries LLC, a subsidiary of Mac World Group, to support its expansion into the Gulf Cooperation Council (GCC) market. The deal was signed during the Islamic Development Bank (IsDB) Annual Meeting in Algiers, Algeria, on May 21, 2025, and witnessed by the Malaysian Ambassador to Algeria, Rizany Irwan Muhamad Mazlan. Under the deal, EXIM Bank will provide shariah-compliant financing to support the construction and operation of Mac World's state-of-the-art packaging facility in Dubai Industrial City. The 9,287-square-metre site will strengthen Mac World's capabilities as a regional leader in edible cooking oils, driving growth across the United Arab Emirates and GCC markets. 'Building on its impressive RM1.7 billion sales in 2024, this strategic investment positions Mac World for sustained growth and market leadership. 'By sourcing raw materials from Malaysia, Mac World strengthens Malaysian upstream supply chains while scaling its downstream processing capabilities in the Middle East, strengthening Malaysia's footprint in the global halal economy,' the bank said in a statement on Thursday.
Advertisement In 2024, EXIM Bank has a market exposure of RM248.5 million in the Middle East, and this agreement further strengthens its foothold in the region, reinforcing Malaysia's global influence in the thriving halal industry. EXIM Bank president and chief executive officer Nurbayu Kasim Chang said the bank is ready to fuel the momentum in strengthening Malaysia's presence in high-growth markets like the Gulf region. 'Our tailored, shariah-compliant solution propels their regional expansion while reinforcing Malaysia's leadership in Islamic finance and the halal economy,' she said. Mac World Group chairman and managing director Abraham Thomas said the company's mission to bring premium Malaysian halal food products to the world is now active in over 80 countries through their trusted brands. 'This new facility in the UAE will play a pivotal role in serving the growing demand in the GCC region and is projected to contribute over US$100 million in annual revenue,' he said. In 2024, Malaysia's halal industry generated RM62 billion, projected to grow to RM500 billion by 2030, contributing 11 per cent to gross domestic product and creating 700,000 job opportunities, reinforcing Malaysia's role as a powerhouse in the global halal economy. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.
Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
an hour ago
- The Star
Bursa Malaysia ends slightly lower tracking regional markets
KUALA LUMPUR: Bursa Malaysia ended the week slightly lower, tracking the negative performance seen across regional markets, particularly among emerging markets, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was down 0.08 per cent, or 1.33 points, to 1,516.79 from Thursday's close of 1,518.12. The benchmark index opened at 1,516.91, less 1.21 points, and moved between 1,513.39 and 1,518.71 throughout the trading session. Market breadth was negative, as decliners outnumbered gainers 478 to 325. A total of 529 counters remained unchanged, with 1,014 untraded and 20 suspended. Turnover dropped to 1.92 billion units worth RM1.66 billion compared with Thursday's 2.42 billion units valued at RM2.27 billion. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng told Bernama that key regional indices ended mixed as investors remained cautious, awaiting further signals on trade negotiations between the United States (US) and key regional players, especially China. Besides, he said that the weak performance on Wall Street overnight hurt market sentiment globally. Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the FBM KLCI posted a marginal decline, despite Thursday's notable technical rebound, which helped cushion broader losses. He said gains were concentrated mainly in select index constituents, supported by short-term technical recovery and renewed optimism surrounding data centre-related themes. However, foreign investors continued to pare down their holdings in Malaysian equities, marking a third consecutive week of net selling. Additionally, although US President Donald Trump described his phone conversation with President Xi Jinping as "very good', the remarks failed to lift sentiment meaningfully. Asian markets closed mixed, with major Chinese indices ending in negative territory, highlighting persistent investor caution amid unresolved geopolitical and macroeconomic headwinds. Meanwhile, risk sentiment on Wall Street was briefly pressured by a public feud between Trump and businessman Elon Musk, centred on threats to revoke Musk's government contracts. "At this stage, we view the issue as isolated, with limited impact on the broader technology sector in both the US and Malaysian markets,' said Mohd Sedek. Among the heavyweights, Petronas Chemicals shed 11 sen to RM3.25, Press Metal Aluminium eased 7.0 sen to RM4.96, 99 Speed Mart Retail slid 2.0 sen to RM2.09, RHB Bank reduced 5.0 sen to RM6.35, and Petronas Dagangan fell by 14 sen to RM21.00. Among the most active stocks, MYE added 1.5 sen to 94.5 sen, Tanco and Gamuda rose 3.0 sen each to RM1.03 and RM4.77, respectively, KPJ dropped 3.0 sen to RM2.75, and Signature Alliance Group gained 1.0 sen to 71 sen. On the index board, the FBM Emas Index weakened 7.49 points to 11,355.34, the FBMT 100 Index cut 4.67 points to 11,123.69, but the FBM ACE Index gained 1.18 points to 4,519.32. The FBM Emas Shariah Index gave up 11.52 points to 11,329.22, but the FBM 70 Index recovered 13.26 points to 16,296.57. Sector-wise, the Financial Services Index fell 31.26 points to 17,708.31, and the Industrial Products and Services Index was 1.32 points lower at 150.80. However, the Energy Index rose 9.84 points to 718.45, and the Plantation Index grew 33.47 points to 7,252.85. The Main Market volume narrowed to 964.07 million units valued at RM1.46 billion compared to Thursday's 1.16 billion units worth RM2.00 billion. Warrants turnover dwindled to 706.23 million units worth RM98.53 million from 898.22 million units valued at RM114.39 million yesterday. The ACE Market volume declined to 249.20 million shares, valued at RM105.00 million, compared with 361.18 million shares worth RM153.86 million previously. Consumer products and services counters accounted for 123.80 million shares traded on the Main Market, industrial products and services (164.82 million), construction (86.55 million), technology (154.08 million), SPAC (nil), financial services (54.91 million), property (133.50 million), plantation (8.96 million), REITs (14.57 million), closed-end funds (4,000), energy (79.64 million), healthcare (48.05 million), telecommunications and media (39.11 million), transportation and logistics (17.48 million), utilities (38.55 million), and business trusts (1,000). - Bernama
New Straits Times
an hour ago
- New Straits Times
Bursa Malaysia ends slightly lower tracking regional markets
KUALA LUMPUR: Bursa Malaysia ended the week slightly lower, tracking the negative performance seen across regional markets, particularly among emerging markets, an analyst said. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was down 0.08 per cent, or 1.33 points, to 1,516.79 from Thursday's close of 1,518.12. The benchmark index opened at 1,516.91, less 1.21 points, and moved between 1,513.39 and 1,518.71 throughout the trading session. Market breadth was negative, as decliners outnumbered gainers 478 to 325. A total of 529 counters remained unchanged, with 1,014 untraded and 20 suspended. Turnover dropped to 1.92 billion units worth RM1.66 billion compared with Thursday's 2.42 billion units valued at RM2.27 billion. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng told Bernama that key regional indices ended mixed as investors remained cautious, awaiting further signals on trade negotiations between the United States (US) and key regional players, especially China. Besides, he said that the weak performance on Wall Street overnight hurt market sentiment globally. Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the FBM KLCI posted a marginal decline, despite Thursday's notable technical rebound, which helped cushion broader losses. He said gains were concentrated mainly in select index constituents, supported by short-term technical recovery and renewed optimism surrounding data centre-related themes. However, foreign investors continued to pare down their holdings in Malaysian equities, marking a third consecutive week of net selling. Additionally, although US President Donald Trump described his phone conversation with President Xi Jinping as "very good", the remarks failed to lift sentiment meaningfully. Asian markets closed mixed, with major Chinese indices ending in negative territory, highlighting persistent investor caution amid unresolved geopolitical and macroeconomic headwinds. Meanwhile, risk sentiment on Wall Street was briefly pressured by a public feud between Trump and businessman Elon Musk, centred on threats to revoke Musk's government contracts. "At this stage, we view the issue as isolated, with limited impact on the broader technology sector in both the US and Malaysian markets," said Mohd Sedek. Among the heavyweights, Petronas Chemicals shed 11 sen to RM3.25, Press Metal Aluminium eased 7.0 sen to RM4.96, 99 Speed Mart Retail slid 2.0 sen to RM2.09, RHB Bank reduced 5.0 sen to RM6.35, and Petronas Dagangan fell by 14 sen to RM21.00. Among the most active stocks, MYE added 1.5 sen to 94.5 sen, Tanco and Gamuda rose 3.0 sen each to RM1.03 and RM4.77, respectively, KPJ dropped 3.0 sen to RM2.75, and Signature Alliance Group gained 1.0 sen to 71 sen.
New Straits Times
2 hours ago
- New Straits Times
Asian currencies poised for weekly gains; rate cut lifts Indian equities
SINGAPORE/HONG KONG: Asian currencies were steady on Friday and poised for weekly gains after a phone call between US President Donald Trump and Chinese leader Xi Jinping signalled further trade talks, while most regional equities tracked Wall Street's overnight losses. In India, equities reversed course to rise 0.9 per cent after the Reserve Bank of India delivered a larger-than-expected cut to its key repo rate and lowered the cash reserve ratio to bolster economic growth. "The RBI may have decided to move quickly to a more appropriate policy rate level. A shift towards neutral stance means more rate cuts may be unlikely in the near-term," Jeff Ng, Head of Asia Macro Strategy at SMBC, said. The rupee inched up 0.1 per cent to 85.74 per dollar. Other regional currencies moved within a narrow band. The Thai baht and Singapore dollar were largely flat but were on track for weekly gains of 0.5 per cent and 0.4 per cent, respectively. The Malaysian ringgit was up nearly 0.6 per cent for the week. MSCI's index of emerging market currencies was flat after touching an all-time high on Thursday. The index is up 0.5 per cent for the week. The dollar index was little changed, after hitting a six-week low on Thursday, and was headed for a weekly loss of 0.5 per cent. Trump's erratic tariff moves and a worsening US fiscal outlook have triggered a flight from the dollar, prompting analysts to expect most emerging market currencies will retain or build on their gains over the next six months. In their closely watched hour-long phone call on Thursday, Xi pressed Trump to ease trade tensions that have rattled the global economy and warned against provocative moves on Taiwan, according to a summary released by the Chinese government. But Trump said on social media that the talks, focused primarily on trade, led to "a very positive conclusion". "The talks look positive, and coupled with Federal Reserve rate cut expectations due to weak US data, might lead to further USD softening," said Saktiandi Supaat, Head of FX research at Maybank. Markets are now bracing for the US jobs and non-farm payrolls report due later in the day, with concerns that a downside surprise could stoke stagflation fears and boost pressure on the Federal Reserve to quickly ease policy. Other regional stocks were broadly lower, tracking Wall Street's losses from overnight. MSCI's gauge of Asian emerging market equities edged down 0.1 per cent. Equities in Malaysia and Thailand fell 0.1 per cent and 0.8 per cent, respectively.
