Kuala lumpur: 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). This significant investment is aimed at enhancing infrastructure development and strategic tourism assets, including internationally rated hotels.

According to BERNAMA News Agency, the MOF highlighted in a written reply published on the Dewan Rakyat portal that Khazanah has forged several strategic partnerships in Desaru Coast with notable investors, including Permodalan Darul Ta’zim, a wholly owned entity of the Johor state government tasked with managing the state’s strategic assets. Over the next five years, development at Desaru Coast is set to be bolstered by the addition of hotel rooms, resorts, branded residences, and various other tourism facilities.

Desaru Coast is also anticipated to gain from the Johor-Singapore Special Economic Zone (JS-SEZ), which aims to enhance the destination’s competitiveness and regional development. This information was provided in response to a question from Yeo Bee Yin (PH-Puchong) concerning Khazanah’s total investment in Desaru Coast and the financial performance generated.

Meanwhile, addressing a separate query from Dr. Abd Ghani Ahmad (PN-Jerlun), the ministry stated that there are no current plans to establish a National Deposit Fund to protect private and corporate deposits from misuse. The ministry emphasized that deposits by individuals or companies are designated for specific purposes and must be credited into Deposit Accounts under the supervision of the relevant ministry or department. The MOF is responsible for setting up Trust Accounts (AA) and Trust Funds (KWA) under Sections 9 and 10 of the Financial Procedure Act 1957 [Act 61].