Algiers: 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, and witnessed by the Malaysian Ambassador to Algeria, Rizany Irwan Muhamad Mazlan.

According to BERNAMA News Agency, EXIM Bank will provide shariah-compliant financing to support the construction and operation of Mac World’s packaging facility in Dubai Industrial City. The 9,287-square-metre site will bolster Mac World’s capabilities as a regional leader in edible cooking oils, driving growth across the United Arab Emirates and GCC markets.

The bank stated that by sourcing raw materials from Malaysia, Mac World strengthens Malaysian upstream supply chains while expanding its downstream processing capabilities in the Middle East. This move enhances Malaysia’s footprint in the global halal economy.

In 2024, EXIM Bank had a market exposure of RM248.5 million in the Middle East. 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 emphasized the bank’s readiness to fuel momentum in strengthening Malaysia’s presence in high-growth markets like the Gulf region.

Mac World Group chairman and managing director Abraham Thomas highlighted the company’s mission to bring premium Malaysian halal food products to the world, now active in over 80 countries through their trusted brands. The new facility in the UAE is expected to play a crucial role in serving the growing demand in the GCC region, potentially contributing over US$100 million in annual revenue.

In 2024, Malaysia’s halal industry generated RM62 billion, with projections to grow to RM500 billion by 2030. This growth is expected to contribute 11 per cent to the gross domestic product and create 700,000 job opportunities, reinforcing Malaysia’s role as a powerhouse in the global halal economy.