EXIM Bank backs Mac World's gulf expansion
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.
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