Latest news with #SFZ
South China Morning Post
29-04-2025
- Business
- South China Morning Post
Malaysia's Forest City: will funds from family offices be a lifeline for ailing project?
Tens of millions of dollars may soon pour into Malaysia 's Forest City development as family offices for Asia's rich pay high fees to set up in Johor, where train links to Singapore and an investment surge is promising to reboot the beleaguered project. Advertisement Malaysia launched the Forest City Special Financial Zone (SFZ) in September last year , offering a 0 per cent tax rate to entice wealthy people to set up family offices in the US$100 billion Forest City project. The development has faced long delays as the pandemic and a prolonged slump in Chinese real estate left developer Country Garden fighting bankruptcy. Johor's government said it had so far fielded interest from 19 firms from Malaysia, Singapore and Thailand keen to set up family offices in the zone, with two securing approval from Malaysia's securities commission. An aerial view of Chinese developer Country Garden's Forest City development in Johor Bahru, Malaysia. Photo: EPA-EFE The state administration did not disclose specific investment amounts, but every company is required to invest at least 30 million ringgit (US$6.9 million) to establish operations in the SFZ – indicating that at least 270 million ringgit will be invested in the zone overall.
New Straits Times
23-04-2025
- Business
- New Straits Times
32 firms queue up for Forest City's billion-ringgit financial zone
ISKANDAR PUTERI: Forest City is fast becoming a magnet for regional investment, with 32 companies expressing interest in setting up operations in its newly minted Special Financial Zone (SFZ), a key component of the Johor-Singapore Special Economic Zone (JS-SEZ). Of the 32, at least 19 are looking to establish family offices, with interest pouring in from Malaysia, Singapore and Thailand. Two companies namely CMY Capital and Yow Kee Family Office have secured approvals from the Securities Commission Malaysia (SC), marking them as pioneers in the zone. Johor Investment, Trade, Consumer Affairs, and Human Resources Committee chairman, Lee Ting Han said the momentum showed that Forest City was firmly on track of becoming a financial services powerhouse. "All agencies are actively driving investor interest, and we are seeing the results. The government's game plan is working," he said, in a statement today. Lee said CMY Capital and Yow Kee Family Office's entry had set a precedent for others to follow, creating a "demonstration effect" expected to attract a wave of family offices and financial institutions by year-end. Incentives under the SFZ include a zero per cent corporate tax for family offices with a zero to five per cent corporate tax range and a flat 15 per cent income tax rate for knowledge-based workers. The Finance Ministry is working to legally enshrine the packages, with current applications handled on a case-by-case basis to fast-track approvals. Lee said more than 250 investor inquiries have been received since January by the Invest Malaysia Facilitation Centre Johor (IMFCJ), the state's newly launched one-stop hub for investors. "The IMFCJ assigns dedicated account managers to assist with regulatory procedures, local authorities, utilities and federal agency dealings, to streamline what the process," he added. Forest City's momentum also gained traction following Chinese President Xi Jinping's recent visit, which culminated in a landmark Malaysia-China visa waiver agreement and renewed bilateral economic cooperation. In a Facebook post on April 16, His Majesty Sultan Ibrahim, King of Malaysia, highlighted the potential of Forest City under this enhanced regional connectivity. "There is great potential for Chinese companies and investors to explore opportunities in Malaysia, as it aligns with regional connectivity high-quality development under China's Belt and Road Initiative. "With strong strategic incentives and a favourable location, the Forest City SFZ within the JS-SEZ has emerged as one of the region's prime investment destinations," Sultan Ibrahim posted. Lee said engagement with anchor investors was ongoing, with the government ready to offer pre-packaged, tailored incentives to suit strategic investment needs. "With strategic location, investor-friendly incentives and political support, Forest City is emerging as Southeast Asia's next frontier for high-value financial investments," he added.
Zawya
06-03-2025
- Business
- Zawya
Oman's OQBI achieves record production in 2024
MUSCAT: OQ Base Industries (SFZ) SAOG (OQBI), the majority Omani state-owned integrated producer of methanol, ammonia and LPG, achieved record output in 2024, capping a year of significant milestones that also included a successful Initial Public Offering (IPO). Accordingly, OQBI posted a 19.7-per cent uptick in revenues, which climbed to RO 234.8 million last year, up from RO 196.2 million in 2023. Driving this growth was a significant rise in earnings from methanol exports, which jumped 44.4 per cent to RO 111.6 million, up from RO 77.3 million in 2023. Net profit however declined 14.9 per cent to RO 40.4 million, compared to RO 47.5 million in 2023, primarily due to a 50.4-per cent increase in the notional provision of rich gas as feedstock, among other factors. OQBI Board Chairman Ali al Lawati described 2024 as a 'period of significant transformation and growth' for the company. 'We adeptly navigated various challenges, seized emerging opportunities, and delivered exceptional results across all areas of our operations.' 'A key milestone in our journey was the successful completion of an Initial Public Offering (IPO), where 49 per cent of our share capital was offered to the public. The shares commenced trading on the Muscat Stock Exchange (MSX) on December 15, 2024, marking a pivotal moment in our corporate history,' he stated in the company's Board of Directors' report for the year. Significantly, production targets were exceeded across all product streams in 2024. Methanol and ammonia output jumped to 1,538k MT in 2024, up from 1,168k MT a year earlier. The increase was due to effective plant utilisation – 106 per cent for methanol and 113 per cent for ammonia. The LPG plant, on the other hand, achieved 117 per cent utilisation, contributing to a 8.5-per cent increase in LPG output. Production of LPG products – propane, butane, condensate and LPG (cooking gas) – rose to 364k MT in 2024, up from 336k MT a year earlier. Commenting on the company's operational performance, OQBI CEO Khalid al Asmi added: 'Production at the methanol and ammonia plants has reached its highest level since the commissioning of the plants in October 2024. Furthermore, the LPG plant has surpassed its annual nameplate production of 350,000 MT for the first time in our history.' Located in Salalah Free Zone, adjoining the Port of Salalah, OQBI – part of OQ Group – owns and operates an integrated complex of three advanced plants with a combined nameplate production capacity of 1,816 ktpa. The plants process rich and lean natural gas feedstock supplied under long-term agreements with the wholly state-owned gas shipper, the Integrated Gas Company (IGC), through the gas transmission network. While part of the LPG (cooking gas) is sold domestically in Dhofar Governorate, the rest of OQBI's products are sold pursuant to long-term, arm's-length exclusive take-or-pay offtake agreements with OQ Trading for export to end markets, principally in Asia and the MENA region and, to a lesser extent, Europe and Africa. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
05-03-2025
- Business
- Observer
Oman's OQBI achieves record production in 2024
MUSCAT: OQ Base Industries (SFZ) SAOG (OQBI), the majority Omani state-owned integrated producer of methanol, ammonia and LPG, achieved record output in 2024, capping a year of significant milestones that also included a successful Initial Public Offering (IPO). Accordingly, OQBI posted a 19.7-per cent uptick in revenues, which climbed to RO 234.8 million last year, up from RO 196.2 million in 2023. Driving this growth was a significant rise in earnings from methanol exports, which jumped 44.4 per cent to RO 111.6 million, up from RO 77.3 million in 2023. Net profit however declined 14.9 per cent to RO 40.4 million, compared to RO 47.5 million in 2023, primarily due to a 50.4-per cent increase in the notional provision of rich gas as feedstock, among other factors. OQBI Board Chairman Ali al Lawati described 2024 as a 'period of significant transformation and growth' for the company. 'We adeptly navigated various challenges, seized emerging opportunities, and delivered exceptional results across all areas of our operations.' 'A key milestone in our journey was the successful completion of an Initial Public Offering (IPO), where 49 per cent of our share capital was offered to the public. The shares commenced trading on the Muscat Stock Exchange (MSX) on December 15, 2024, marking a pivotal moment in our corporate history,' he stated in the company's Board of Directors' report for the year. Significantly, production targets were exceeded across all product streams in 2024. Methanol and ammonia output jumped to 1,538k MT in 2024, up from 1,168k MT a year earlier. The increase was due to effective plant utilisation – 106 per cent for methanol and 113 per cent for ammonia. The LPG plant, on the other hand, achieved 117 per cent utilisation, contributing to a 8.5-per cent increase in LPG output. Production of LPG products – propane, butane, condensate and LPG (cooking gas) – rose to 364k MT in 2024, up from 336k MT a year earlier. Commenting on the company's operational performance, OQBI CEO Khalid al Asmi added: 'Production at the methanol and ammonia plants has reached its highest level since the commissioning of the plants in October 2024. Furthermore, the LPG plant has surpassed its annual nameplate production of 350,000 MT for the first time in our history.' Located in Salalah Free Zone, adjoining the Port of Salalah, OQBI – part of OQ Group – owns and operates an integrated complex of three advanced plants with a combined nameplate production capacity of 1,816 ktpa. The plants process rich and lean natural gas feedstock supplied under long-term agreements with the wholly state-owned gas shipper, the Integrated Gas Company (IGC), through the gas transmission network. While part of the LPG (cooking gas) is sold domestically in Dhofar Governorate, the rest of OQBI's products are sold pursuant to long-term, arm's-length exclusive take-or-pay offtake agreements with OQ Trading for export to end markets, principally in Asia and the MENA region and, to a lesser extent, Europe and Africa.
Muscat Daily
13-02-2025
- Business
- Muscat Daily
SFZ powers Omani industry boom with OR 4.7 billion investment
Salalah – The 'Made in Salalah Free Zone' exhibition opened in Salalah, shining a spotlight on the Sultanate's booming industrial sector as part of Omani Industry Day celebrations. With a staggering OR 4.7 billion in investments and a soaring 40% annual growth rate, Salalah Free Zone (SFZ) is rapidly transforming into a powerhouse of Omani manufacturing. The exhibition, featuring 32 leading industrial companies in pharmaceuticals, food production, and petrochemicals, showcased cutting-edge innovations and Oman's industrial prowess. Dr Ali bin Mohammed Tabouk, CEO of SFZ, highlighted the zone's pivotal role in catapulting Omani industries onto the global stage. He noted that SFZ now hosts 41 industrial projects spanning over 6.2 million square metres, with the industrial sector driving 60 per cent of total investments. Tabouk also emphasised SFZ's commitment to job creation, with 3,096 individuals directly employed and an Omanisation rate of 34 per cent. He described the Free Zone as a magnet for investors, offering state-of-the-art infrastructure and a highly competitive business environment, positioning Oman as a leading hub for industrial innovation.
