Sarawak's sovereign wealth fund gains approval for global investments
KUCHING: The Sarawak Sovereign Wealth Future Fund, which officially commenced last year, has secured approval from relevant authorities to proceed with global investments.
Sarawak Premier Tan Sri Abang Johari Tun Openg said this marks a crucial step in portfolio diversification, opening the door to international opportunities that will help maximise long-term returns for Sarawak and her people.
'At the same time, the process of selecting External Fund Managers is moving forward steadily. The first group focusing on fixed income investments is now in the final stage of appointment, with more asset classes to be managed in the coming phases.
'Our focus remains on capital preservation while laying the groundwork for sustainable, long-term growth, ensuring the fund becomes a lasting resource for future generations of Sarawakians,' he said during the winding-up session on behalf of his ministries at the State Legislative Assembly sitting here today.
The Sarawak Legislative Assembly, on Nov 22, 2022, unanimously passed a Sovereign Wealth Future Fund Board Bill with the state government making an initial allocation of RM8 billion.
According to the bill, the fund would be managed professionally and transparently by a board of guardians, comprising experts and professionals in the field of finance and investment.
Meanwhile, Abang Johari said that the state government has set an ambitious goal for the Sarawak Civil Service to make all 1,106 government services fully accessible online by 2030.
He said digital transformation will lead to greater efficiency and higher productivity for service delivery.
'As we work towards becoming a high-income and developed region, digitalisation helps us deliver services quicker, cut bureaucratic red tape, make data-driven decisions and ease business activities,' he said.
Abang Johari said that as of 2024, the Sarawak Civil Service has successfully digitalised 55 per cent of government services.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Borneo Post
2 hours ago
- Borneo Post
Petronas workforce 'right-sizing' prompts calls for fairness, support measures
File photo for illustration purposes KUCHING (June 7): Deputy Minister in the Sarawak Premier's Department (Labour, Immigration and Project Monitoring) Datuk Gerawat Gala has urged Petroliam Nasional Berhad (Petronas) to consider all alternatives before proceeding with its plan to lay off 5,000 employees. Speaking to The Borneo Post today, the Mulu assemblyman acknowledged that while Petronas may have its own justifications, retrenchment should be the last resort for any commercial organisation. 'There are other options Petronas can consider, such as offering a voluntary separation scheme (VSS), redeploying staff between departments — for example, from upstream to downstream — implementing temporary salary cuts, or initiating retraining programmes,' he said. 'Only employees who are truly redundant or surplus to requirements should be laid off. Any staff member who feels they have been unfairly dismissed under the guise of redundancy can challenge their termination in the Industrial Court.' When asked whether the layoffs were related to Sarawak Petroleum Berhad (Petros) being recognised as the state's gas aggregator, Gerawat declined to comment. However, the Sarawak Oil and Gas Workers Association (SOGWA) said they do not believe the move is a direct result of Petros' appointment, though acknowledged it may trigger a realignment within the industry. 'This change presents an opportunity for Sarawak to assert greater control over its oil and gas sector,' said SOGWA deputy chairman Keroana Johny Weiss. 'But if Sarawakians are among those affected by the layoffs, it will significantly impact local families and communities. 'Many of these workers are highly skilled and experienced professionals who have contributed significantly to the national oil and gas industry,' she stressed. 'Their displacement not only affects livelihoods but also risks a loss of valuable talent from Sarawak.' 'We strongly urge the Sarawak government to step in and provide structured support such as job placement programmes, upskilling initiatives, and inclusion in ongoing and future state led projects,' she said. 'This is vital to safeguard Sarawak's interests, retain our professional resources, and ensure Sarawakians continue to play a key role in managing and developing our state's natural wealth,' she added. Labour Law Reform Coalition (LLRC) deputy chairman Andrew Lo echoed similar sentiments. While acknowledging that layoffs can be inevitable in the corporate world, he stressed that they must be executed with fairness and transparency. 'What must done is that the layoff must be a last resort, be made in good faith, with full consultation with employees and their unions, adequate compensation and feasible options and assistance to those affected- transition and training for new jobs.' Voluntary and mutual agreeable exit schemes should be implemented instead of forced retrenchment, he added. Such schemes should be offered to everyone to minimise coercion and undue pressure on employees, Lo added. According to Bernama report on Thursday, Petronas President and Chief Executive Officer Tengku Tan Sri Muhammad Taufik Tengku Aziz has said that Petronas would cut about 10 per cent of its workforce as part of the national oil and gas company's 'right-sizing' and restructuring process. Muhammad Taufik also denied that the state-owned company would exit its business in Canada. Petronas had previously stated that it needs to 'right-size' its workforce to ensure the company's sustainability in the decades to come. Petronas has nearly 50,000 employees, according to its website. gerawat gala Keroana Johny Weiss Petronas right size workforce
Borneo Post
4 hours ago
- Borneo Post
Rep distributes RM147,000 in MRP grants to Bawang Assan NGOs
Wong (seated front, centre) poses with the guests and the MRP grant recipients. SIBU (June 7): Bawang Assan assemblyman Dato Sri Wong Soon Koh has distributed RM147,000 in Minor Rural Project (MRP) grants to 14 recipients, comprising non-governmental organisations (NGOs) and associations within the Bawang Assan state constituency. This marks the first group of recipients to receive allocations for the year through the Bawang Assan Progressive Democratic Party (PDP) Service Centre. 'We have over 100 recipients in total, with an overall allocation of RM2 million. The remaining grants will be distributed next week,' said Wong. He noted that the allocation is part of his ongoing effort to support community-based initiatives and welfare programmes, and that recipients who did not receive funds in this round may reapply in subsequent phases. Wong, who also serves as PDP senior vice president, stated that he receives an annual allocation of RM8 million from the Sarawak government for development and welfare initiatives in his constituency. This includes RM2 million under the Minor Rural Project (MRP), RM5 million for the Rural Transformation Programme (RTP), and RM1 million for the Sarawak Poor Housing Improvement Programme (PPRMS). He added that Bawang Assan is home to approximately 30,000 voters, with a demographic breakdown of 54 per cent Chinese and 46 per cent Bumiputera, of which around 45 per cent are Iban. 'We will do our best to be fair. Every year, we ensure these allocations reach those in need,' he emphasised. Also present at the presentation ceremony were Joshua Ting, a political secretary to the Sarawak Premier, and Councillor Wong Hua, chairman of Bawang Assan PDP. bawang assan MRP grants ngos wong soon koh
Borneo Post
12 hours ago
- Borneo Post
Edric Ong: Sarawak's art emissary to the world
Edric is one of many responsible for making Sarawak better known throughout the world. AMONG some Sarawakians, past and present, who have been responsible for making Sarawak better known throughout the world is Edric Ong, a scion of one of the state's established families. He himself is a fifth generation Ong, whose forefathers had served and been honoured from the time of the Brookes. Born in Kuching on April 12, 1953, Edric was educated at St Thomas' School, and spent his first year undergoing studies for an agricultural subject at Serdang College before opting for a Bachelor's Degree in Architecture at University of Singapore where he graduated in 1977. After the compulsory state-government stint at the Public Works Department (JKR), he joined the Malaysian Associate Architects for a period and undertook many projects with them. He set up his own architectural practice, under Edric Ong Architect, but in 1986, decided to devote full time to his passion for the arts, fashion design and the promotion of Sarawak's heritage cultural arts especially in the field of textiles, specialising in the Iban' Pua Kumbu textile and founded the Society Atelier Sarawak in 1993. It is nigh impossible to detail out Edric's achievements; when I had asked for it for my research for this column, I was given a list that had filled 16 A4 pages! So where to begin? Edric founded Eon Company in 1983; pre-empting Malaysia's national car distributor EON by a year. But then, his was a partnership whereas EON was a 'berhad' (public limited) company. He still uses that name today. Besides being the president of Society Atelier Sarawak, Edric has held various other prominent positions in national and international organisations: World Crafts Council (Asia Pacific) as advisor past senior vice-president; Asean Handicraft AHPADA as president; World Eco-Fibre and Textile (WEFT) Forum as executive director; Crafts Council of Malaysia as exco member since 1998; World Batik Council as exco member since 2007; Unesco-AHPADA Seal of Excellence Handicrafts, founder and jury member; Unesco Specialist/Expert on Crafts, Textiles and Architectural Conservation, founding member; Asean-Japan Design Council, as exco member, and; Unesco Paris and Unesco-Asia Pacific, as consultant. Edric (seventh left) representing Malaysia at the World Crafts Council-Asia Pacific Board, in this photo taken at Galeri Petronas Kuala Lumpur in 2015. Edric is also a renowned fashion designer with a long list of highly-acclaimed fashion shows held all over the world—from Kuala Lumpur to India, Italy, Korea, Japan, Kazakhstan, Indonesia, the Philippines, Australia, Thailand, England, France and USA. He has also curated, exhibited, organised and lectured throughout the world on subjects that the Unesco has deemed him to be an 'expert and specialist' in—from woven textiles to natural dyes, from eco-tourism resorts to ethnic handicrafts. Edric has also authored and published four books: 'Sarawak Style' with photography by Luca Invernizzi (re-titled 'Living in Sarawak' for the USA edition) in 1996, with two reprints; 'Woven Dreams' – Ikat Textiles of Sarawak (2000); 'Pua – Iban Weavings of Sarawak' (1986); and 'Malay Houses of Kuching, Sarawak' (1983). Besides these, he has contributed features and articles of arts, culture and architecture to other publications, specifically 'Encyclopaedia Malaysia', 'Encyclopaedia on Dress and Costume' (UK), and 'The Guide to Sarawak' (2012). Photo shows the cover of Edric's book, 'Sarawak Style', published in 1996. Among his other passions and pet projects have been the conservation of historical buildings and a number of significant cultural projects for government agencies. These had numbered 10, and included the following: Conversion of the 1929 'Sarawak Steamship Godown' into Sarawak Tourism Board (STB) Information Centre; Conversion of Madrasah Melayu (1930), to Sarawak Islamic Museum in 1992; Conversion of the 1880 Fort Sylvia in Kapit into the Tun Jugah Museum in 1997; Conversion of the St James Church, Quop (oldest in Sarawak, built in 1863); Conversion of the Lord Bishop's House, Kuching, built in 1839; Consultant to the Sarawak Cultural Village at Damai in Santubong (since 1986); The Textile Museum, converted from the 'Pavilion' (1907); Consultant – Heritage Park, Putrajaya (2003); Consultant – 'Nilam Puri, A Malay Cultural Experience', Kuala Lumpur (2004), and; Research on natural dyes for batik and crafts – Ministry of Science, Technology and Innovation, Malaysia. Photo shows the tall house, designed by Edric for the Sarawak Cultural Village, his 'pet project' since 1986. — Photo courtesy of STB Although he has been actively involved in all these projects and they have formed the major part of his life since 1983, Edric has also devoted most of his personal time and endeavours pursuing a highly spiritual goal as well. Born into a very staunch and highly respected Buddhist family, his forefathers had been the custodians of many Chinese temples in Kuching for four generations. In the early 1980s, Edric's elder sister Edrea became a 'born again' Christian, followed by his parents, Ong Kee Bian and wife Tan Lee Kheng. Edric himself converted to Anglican in the mid-1980s and by 1996, he was elected the inaugural president of the Anglican Diocesan Youth Council in the Diocese of Sarawak and Brunei, a position that he held till 2001. He continued to be fully involved in the youths, then the provincial synods and today, is still an active lay reader at St Faith's Church where he delivers regular sermons. His faith has taken him to places like Ba Kelalan, Buduk Aru and other remote reaches to preach the gospel of Christ. In recognition of his many achievements and works in both Sarawak as well as on the national and international fronts, Edric has been honoured by the following awards: Pegawai Bintang Sarawak (Officer of the Star of Sarawak); Australia Culture Award; Medal of Honour, World Craft Council 2024; Aid to Artisans Advocate Award 2006; Seal of Excellence for Craft Products (Unesco) 2001-2024; Japanese G-Mark for Good Design Award in Lifestyle/Home Accessories; London Fashion Week Award – 2022, 2023 and 2024; Aspara Fashion Week Award 2024; Malaysian Designer of the Year Award 2009; STYLO Kuala Lumpur Fashion Fest Heritage Award 2008; Mercedes Benz/Stylo Asean Fashion Award – Global Fashion Influencer 2016, and; Malaysian National Non-Governmental Organisation Award 2007. Costumes and authentic local ethnic fashion designed by Edric were also commissioned and used in three international feature films shot in Sarawak: 'Farewell to the King' in 1987 with Nick Nolte in the leading man; 'The Sleeping Dictionary' in 2000 with Jessica Alba as the leading lady; and 'The Intended' in 2012 with Janet McTeer. (From right) Alba, with fellow cast members Michael Langgi and Bob Hoskins in a scene of the 2000 Hollywood feature, 'The Sleeping Dictionary'. Alba's costumes were designed by Edric. His many travels to promote Sarawak in all his projects, be they in exhibitions, curated shows, fashion extravaganzas, or in the field of local arts, crafts and culture, had brought him to the attention of many famous public figures in politics, arts and the entertainment industry. In recent times, he met with and befriended famous actress Ali MacGraw (of 'Love Story' fame) during two of his tours at the Sante Fe Folk Arts Festival in New Mexico, USA. Edric, seen here with MacGraw at the Sante Fe Folk Arts Festival in New Mexico in 2019. Recently in Paris for the 'Revelations Biennale Paris 2025', he had met with and spoken with French President Emmanuel Macron and First Lady Brigitte Macron. When asked about his 'personal best and proudest project', Edric did not hesitate to reply that it was the Sarawak Cultural Village at Damai in Santubong. 'Designing the masterplan, main buildings and individual ethnic community houses that involved travelling to the interior parts of Sarawak to research Iban, Orang Ulu longhouses, Bidayuh round-house and reviving the Melanau 'Rumah Tinggi'. 'I am proud of the Damai Hilltop suites as well, as it was a contemporary adaptation of Sarawak architecture, the round 'Baruk' suites, the Malay suites and the longhouse 'biliks'.' On those who had inspired and mentored him through the years, he continued: 'There are many, including the late Datuk Lucas Chin, the late YM Raja Fuziah Raja Tun Uda, the late Dr Clare Brett Smith (Aid to Artisans USA), Imai Toshihiro of Japan and Jasleen Dhamija of India. 'The person I owed most to was my father, Ong Kee Bian, a good and faithful servant of the Lord, loving husband and father. 'He had nurtured my interest in flora and fauna, encouraged my endeavours into art like woodblock print, clay sculpture, embroidery and ikebana. 'He took me into the interiors of Sarawak—into the Iban and Orang Ulu longhouses and others.' During his leisure down-time, Edric can be seen around town, in other fellow artists' homes and studios, or wandering the less-trodden paths upcountry or into more remote areas, in search for the expert artisan or craftsman who could well be the last surviving person who is still practising his 'dying' art. He would also be promoting lesser known artisans' works, or helping to guide them seek new avenues where they can either sell their handcrafted products, or help them with more pro-active and creative ideas. His hobbies? He reads, listens to music, and watches a movie or two for relaxation. His other interests in the culinary arts as well as in music have also seen his versatility resulting in the formation of the Culinary Heritage and Arts Society Sarawak, formed in 2019; and the Rainforest World Music Festival (RWMF) in 1997. The latter, now into its 27th year, was co-founded by Canadians, Randy Raine-Reusch and Robert Basuik, as well as Edric's brother, yours truly. My final question to Edric: 'What made you decide to spend your life to promote Sarawak's arts and crafts?' His reply: 'As a fifth-generation 'Peranakan Chinese' in Sarawak, the love and appreciation for our Sarawak arts and crafts are so much entrenched in our Ong family. 'Sarawak arts, in all aspects, are the most diverse and richest of heritages among all in Malaysia!' Edric's creativity, talent and versatility have cast a giant shadow over the arts and crafts scene in Sarawak since 1983. His persona and international status has been made and he is now well-known in the corridors and annals of Unesco, as well as in countless other international bodies where the mission and vision are to promote the world's ethnic arts, crafts, music and architectural heritage. His name, in the promotion of Sarawak in those specific fields, has been permanently etched and is well entrenched for future generations to come. * The opinions expressed in this article are the columnist's own and do not reflect the view of the newspaper.
