King Salman Abdul Aziz Al-Sa'ud's maiden visit to Malaysia will not only further cement bilateral ties but also draw the oil-rich gulf nation to high-impact investments and the halal sector.
The President of the Arab Malaysian Chamber of Commerce Mohamed Fauzy Abdul Hamid said the Saudi Arabian government was expected to announce several exemptions to Malaysians starting business especially in Mecca.
He said exemption from the need to have work permit is expected to be announced during the ruler's four-day official visit besides shareholding requirements for locals.
"The visit by the head of state to Malaysia is truly an honour. Saudi Arabia leaders are very selective in the countries they visit and normally choose only developed nations (to visit)," he said in an exclusive interview with Bernama News Channel in conjunction with King Salman's visit to Malaysia beginning today.
The last time a Saudi king visited Malaysia was in 2006, when King Abdullah, King Salman's half-brother and predecessor, flew in with a 300-member delegation.
Many programmes have been drawn up and they include business matching sessions between Saudi and Malaysian companies especially in high investments and the halal sector. Cooperation on energy developments is also on the agenda.
King Salman is accompanied by a 600-strong delegation, comprising members of the royal household and Cabinet ministers, for the visit until March 1.
The inaugural visit to Malaysia of King Salman is at the invitation of the Yang di-Pertuan Agong Sultan Muhammad V.
Mohamed Fauzy said high impact investments were Saudi Arabia's main focus as the country was seeking new markets after the plunge in crude oil prices.
In the halal sector, he said it was not only confined to the food and investment sectors but also services and goods.
He said Saudi Arabia, in turn, offered tremendous market for Malaysia's halal food and beverage products, which was highly certified and accredited by many Islamic countries.
"I hope King Salman's visit will open a new era for Malaysians who are keen to do business especially in Mecca, Madinah and Jeddah.
Saudi Arabia is Malaysia's second largest trading partner in the Middle East and trade between the two countries increased 19.8 per cent to RM13.12 billion in 2016.
Nearly 60 per cent of Malaysia's total exports to Saudi Arabia are related to palm oil and palm-based agricultural products, amounting to RM552.84 million last year.
Other products exported include machinery, equipment and parts, processed food and electrical and electronic products. - BERNAMA
Bernama
Sun Feb 26 2017
The inaugural visit to Malaysia of King Salman is at the invitation of the Yang di-Pertuan Agong Sultan Muhammad V. The inaugural visit to Malaysia of King Salman is at the invitation of the Yang di-Pertuan Agong Sultan Muhammad V. - BERNAMApic
The battle to reduce road deaths
In Malaysia, over half a million road accidents have been recorded so far this year.
Pro-Palestinian NGOs seek court order to stop Dutch arms exports to Israel
The Dutch state, as a signatory to the 1948 Genocide Convention, has a duty to take all reasonable measures at its disposal to prevent genocide.
How quickly can Trump's Musk-led efficiency panel slash US regulations?
Moves by Trump and his appointees to eliminate existing rules will be met with legal challenges, as many progressive groups and Democratic officials have made clear.
2TM: Consultations on PTPTN loans, admission to IPTA at MOHE booth
Consultations on PTPTN loans and admission to IPTA are among services provided at the Higher Education Ministry booth.
Kampung Tanjung Kala residents affected by flooded bridge every time it rains heavily
Almost 200 residents from 60 homes in Kampung Tanjung Kala have ended up stuck when their 200-metre (m) long concrete bridge flooded.
COP29 climate summit draft proposes rich countries pay $250 billion per year
The draft finance deal criticised by both developed and developing nations.
Bomb squad sent to London's Gatwick Airport after terminal evacuation
This was following the discovery of a suspected prohibited item in luggage.
Kelantan urges caution amidst northeast monsoon rains
Kelantan has reminded the public in the state to refrain from outdoor activities with the arrival of the Northeast Monsoon season.
Former New Zealand PM Jacinda Ardern receives UN leadership award
Former New Zealand prime minister Jacinda Ardern was given a global leadership award by the United Nations Foundation.
ICC'S arrest warrants for Netanyahu, Gallant an apt decision - PM
The decision of the ICC to issue arrest warrants against Benjamin Netanyahu and Yoav Gallant is apt, said Datuk Seri Anwar Ibrahim.
KTMB provides two additional ETS trains for Christmas, school holidays
KTMB will provide two additional ETS trains for the KL Sentral-Padang Besar route and return trips in conjunction with the holidays.
BNM'S international reserves rise to USD118 bil as at Nov 15, 2024
Malaysia's international reserves rose to US$118.0 billion as at Nov 15, 2024, up from US$117.6 billion on Oct 30, 2024.
Findings by dark energy researchers back Einstein's conception of gravity
The findings announced are part of a years-long study of the history of the cosmos focusing upon dark energy.
NRES responds to Rimbawatch press release on COP29
The Ministry of Natural Resources and Environmental Sustainability (NRES) wishes to offer the following clarifications to the issues raised.
Online Safety Bill and Anti-Cyberbullying Laws must carefully balance rights and protections
The Online Safety Advocacy Group (OSAG) stands united with people in Malaysia in the fight against serious online harms.
Malaysia's inflation at 1.9 pct in Oct 2024 - DOSM
Malaysia's inflation rate for October 2024 has increased to 1.9 per cent, up from 1.8 per cent in September this year.
Saudi Arabia showcases Vision 2030 goals at Airshow China 2024
For the first time, Saudi Arabia is participating in the China International Aviation & Aerospace Exhibition held recently in Zhuhai.
King Charles' coronation cost GBP 71mil, govt accounts show
The coronation of Britain's King Charles cost taxpayers GBP72 million (US$90 million), official accounts have revealed.
Couple and associate charged with trafficking 51.9 kg of meth
A married couple and a man were charged in the Magistrate's Court here today with trafficking 51.974 kilogrammes of Methamphetamine.
PDRM to consult AGC in completing Teoh Beng Hock investigation
The police may seek new testimony from existing witnesses for additional insights into the investigation of Teoh Beng Hock's death.