Business

Sabah brings in several billion ringgit projects in two weeks

KOTA KINABALU: Just in few weeks, Sabah government has announced several mega projects that worth billions.

Chief Minister Datuk Seri Panglima Haji Hajiji Haji Noor being briefed on the glass factory operations by Kibing Group (M) Sdn Bhd President Dato' Lim Swee Ee (right) and Chairman, Yu Qi Bing (middle).
Chief Minister Datuk Seri Panglima Haji Hajiji Haji Noor being briefed on the glass factory operations by Kibing Group (M) Sdn Bhd President Dato’ Lim Swee Ee (right) and Chairman, Yu Qi Bing (middle).

Last week, Sabah Chief Minister Datuk Seri Hajiji Noor had met withKibing Group (M) Sdn Bhd that located at the Tuanku Jaafar Industrial Area here in Negeri Sembilan.

The group chairman Yu Qi Bing said they would be investing RM10 billion to build a bigger facility in Sabah with the initial first phase costing RM2 billion.

Sabah’s own RM2.245bil rapid system, RM5 bil Jesselton New City and RM25 bil ROI renewaable energy hub

Photo by Life Of Pix on Pexels.com

Deputy Chief Minister Datuk Seri Moktar Radin witnessed the signing between four firms-  WHSB Ventures Sdn Bhd, Vizione Construction Sdn Bhd, Sycal Skycity Sdn Bhd and Guangcai China (M) Sdn Bhd-to explore the potential of buidling Sabah own rapid system and mixed development Jesselton New City.

Bung, who is also state Public Works minister, said the development project would be a game changer in stimulating Sabah economy.

The project cost for the 25.5km Sky Train, spanning from KK airport to Alamesra area, worth RM RM2.425 billion while Jesselton New City project cost RM5 billion.

Apart from that, Bung, who is also chairman of Smart Sabah Corporation Sdn Bhd has signed agreement with Malaysia Green Technology and Climate Change Corporation (MGTC) on Nov 9 to enable a possible feasibility study to kick start hydorgen and renewable energy project.

Smart Sabah, a state-owned company , has identified several main projects including the proposal on large scale solar development for hydrogen gas producer system; Green Independent Power Plant; and Ocean Thermal Energy Conversion.

The locations for the development are a 50ha area covering Kalabakan, Pulau Layang-Layang and Pulau Kelumpang.

“This project is expected to bring in direct investment of not less than RM25 billion to Sabah apart from creating 20,000 job opportunities in various sectors for the people of Sabah.”

Lucrative carbon deal revenue, but status of Singapore based firm questionable

Sabah to aim billion ringgit revenue from carbon deal
Photo by thiago japyassu on Pexels.com

As for deputy Chief Minister Datuk Seri Dr Jeffrey Kitingan, he is optimistic that Sabah will benefit bigger revenue from the forest via the selling of carbon deal instead of the woods.

Jeffrey said it is estimated that there would be 20 tonnes worth of carbon credit per hectare valued at about USD20 (RM83.59) per tonne. He added Sabah could earn up to RM9 billion from the nature capital in coming years as compared to depleting revenue of RM200 million from current forest revenue.

However, the signing of of controversial 100-year agreement between state government with Singapore-based company , Hoch Standard Pte Ltd raised eyebrows especially among conservationists and concerned citizens.

The two-year-old company with questionable financial and relevant expertise status, will get 30 per cent from the gross revenue from the carbon sales of up to 2 million hectares forests.

During a recent public engagement at Sokid Villa in Penampang, Jeffrey, who is a former Yayasan Sabah director, assured Hoch Standard is not a fraud.

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