Asean, Gulf leaders to meet in Malaysia as region seeks new investment lifeline
Southeast Asian nations are hoping to tap into the Gulf's vast sovereign wealth funds, with leaders from both regions set to meet in Kuala Lumpur next week for a high-level summit backlit by slumping growth forecasts triggered by Washington's tariff threats.
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The Association of Southeast Asian Nations (Asean) and the six-member Gulf Cooperation Council (GCC) will hold their second summit on May 27, hoping to cushion the blow from global trade disruptions caused by US President Donald Trump's tariff war.
Saudi Arabia, Qatar and the United Arab Emirates (UAE) – three of the largest economies in the GCC – already hold substantial investments in Southeast Asia, including in energy, infrastructure and technology.
These include a US$7 billion investment by Saudi Aramco in Malaysia's Pengerang oil and gas complex, a US$10 billion green energy commitment by the UAE through Indonesia's Danantara sovereign wealth fund, and backing for data centres in Malaysia's southern state of Johor.
Aramco tanks and oil pipes at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia. Saudi Aramco has a US$7 billion investment in Malaysia's Pengerang oil and gas complex. Photo: Reuters
But from halal food to renewable energy, analysts say Gulf nations are looking to expand their footprint further across the region's fast-growing economies.
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