Dubai Group invests in Malaysian biodiesel
Dubai Group, owned by the Emirate, said it had paid US$49.5 million for a 30% stake in Malaysian biodiesel firm GBD Investment, as it seeks to tap booming global demand for alternative fuels.
capacity of 200,000 metric tonnes a year, which will increase to 500,000 tonnes
when the second phase of its construction is completed, Dubai Group said in a
statement.
The plant can use palm oil and jatropha as feedstock and would
produce biodiesel and pharma-grade glycerine for global markets, it said. South
Korea’s ECO Solutions Co holds the remaining stake in GBD.
Dubai Group is
the latest in a string of Gulf investors who have piled into Malaysian assets,
lured by the Southeast Asian country’s healthy economy, booming commodities
sector and fast-growing Islamic finance industry. In March, Qatar-based Gulf
Petroleum, whose shareholders include members of the Qatar royal family and the
Qatar General Insurance and Reinsurance Company, said it would set up a US$5
billion oil and gas complex in Malaysia.
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