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- The Ministry of Finance said the investment covers infrastructure development and strategic tourism assets, including internationally rated hotels.
KUALA LUMPUR (Nov 12): Khazanah Nasional Bhd, through its wholly-owned subsidiary Destination Resorts and Hotels Sdn Bhd, has invested over RM4 billion in the development of Johor’s Desaru Coast and Legoland Malaysia Resort, according to the Ministry of Finance (MOF).
In a written reply published on the Dewan Rakyat portal, the ministry said the investment covers infrastructure development and strategic tourism assets, including internationally rated hotels.
The MOF added that Khazanah has also established several strategic partnerships in Desaru Coast with prominent investors, including Permodalan Darul Ta’zim, a wholly-owned company of the Johor state government responsible for managing the state’s strategic assets.
“Over the next five years, development at Desaru Coast will continue to be strengthened through the addition of hotel rooms, resorts, branded residences, and various other tourism facilities.
“Desaru Coast is also expected to benefit from the implementation of the Johor-Singapore Special Economic Zone (JS-SEZ), which will further enhance the competitiveness and regional development of this destination,” the ministry said.
The MOF was responding to a question from Yeo Bee Yin (PH-Puchong) regarding the total investment made by Khazanah in Desaru Coast and the financial performance generated.
Meanwhile, in response to a question from Dr Abd Ghani Ahmad (PN-Jerlun), the ministry said the government has no plans to establish a National Deposit Fund to safeguard private and corporate deposits from being misused for other purposes.
It explained that deposits made by individuals or companies are subject to specific purposes and must be credited into Deposit Accounts under the supervision of the respective ministry or department.
“The MOF is responsible for establishing Trust Accounts (AA) and Trust Funds (KWA) under Sections 9 and 10 of the Financial Procedure Act 1957 [Act 61],” it said.
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