Jeddah February 28, 2007 - Saudi Arabian General Investment Authority (SAGIA) and the  Albukhary Foundation signed a memorandum of understanding (MOU) yesterday to facilitate the provision of scholarships for Saudi students to further their education in Malaysia.

The MOU was signed by SAGIA Deputy Governor Fahd AlRasheed, while Tan Sri Marzuki Mohd Noor, advisor to the Foundation, signed the agreement on the behalf of the AlBukhary Foundation.  The signing ceremony was attended by H.E. Dato' Sri Mohammad Najib Tun Hj. Abdul Razak, Deputy Prime Minister of Malaysia as well as Saudi and foreign officials.

The AlBukhary Foundation intends to provide 1,000 scholarships over a period of 4 years, to the underprivileged students from the Jazan province. The initiative was taken by the AlBukhary Foundation which is known for its commitment to social transformation and human advancement. The scholarships will be granted to students wishing to continue their education in graduate programs in accounting, business, IT, architecture and design, engineering, as well as applied sciences in Malaysia.

In compliance with the MOU, the two parties will work together to introduce and implement a structured selection process for eligible students.

The chairman of the AlBukhary Foundation is Tan Sri Syed Mokhtar AlBukhary who is a major shareholder of MMC Corporation Bhd (MMC). MMC is the joint master developer of the Jazan Economic City (JEC) along with the Saudi Binladin Group (SBG). The master developers of JEC had previously announced the allocation of 2.5% of the project's shares to the low income population of Jazan; those shares will be placed in an investment fund for that purpose.

JEC was launched on November 4th, 2006 by Saudi Arabia's King Abdullah bin Abdul Aziz Al Saud in an inaugural event attended by Saudi and foreign dignitaries.

The Kingdom's 4th Economic City is expected to attract over $30 billion in investments. The project is located 725 km south of Jeddah, and will include a seaport, an industrial zone, a commercial business district, residential areas, public amenities, as well as other academic and vocational training institutions.

The first phase of JEC is the industrial zone which will comprise an oil refinery and integrated petrochemical complex, a steel rebar and DRI (Direct Reduced Iron) facility, a copper refinery and smelter, an aluminum complex, an integrated alumina refinery as well as its own power and desalination plant.

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SAGIA:
The Saudi Arabian General Investment Authority (SAGIA) is the Saudi government agency responsible for managing the investment environment in the Kingdom, promoting investments within it, providing government services to investors, and managing the Kingdom's Economic Cities (ECs). SAGIA was established by Royal decree, simultaneously with the promulgation of the new Investment Law in April 2000, which granted foreign investors national treatment. SAGIA's vision is "to achieve rapid and sustainable economic growth in Saudi Arabia, capitalizing on the Kingdom's competitive strengths as the global capital of energy, and a major hub between East and West."  Its mission is "to create a pro-business environment, provide comprehensive services to investors and foster investment opportunities in energy, transportation and knowledge-based industries."

Yayasan AlBukhary:
Yayasan AlBukhary is a charitable organization dealing in the fields of education, religion, social welfare as well as cultural and international affairs. The foundation was established in 1996 by Tan Sri Syed Mokhtar AlBukhary who is the organization's Chairman.

Among its initiatives is the development of the Islamic Arts Museum Malaysia (IAMM) in 1998. The museum serves to maintain Islamic heritage for future generations and is internationally recognized. Yayasan AlBukhary has also financed the construction and maintenance of many mosques in addition to sponsoring pilgrims for Hajj. 

Yayasan AlBukhary has organized various social and welfare programs in the form of donations to NGOs, orphanages, charities and schools; seminars in parenting as well as sponsoring media publications to increase public awareness. The Foundation also encourages sports through sponsorships of national athletes.  

The Foundation takes a holistic approach to charitable work, providing continuous, sustainable development for needy communities and thrives to enable the underprivileged to build their future.  

MMC: 
MMC is a diversified group with interest in Transport & Logistics, Energy & Utilities, and Engineering & Construction.

In the Transport & Logistics sector, MMC holds equity stakes in the Port of Tanjung Pelepas (Malaysia's largest container terminal), Johor Port (Malaysia's leading multi-purpose port) and the Butterworth-Kulim highway concession.

In the Energy & Utilities sector, MMC holds equity stakes in Malakoff (Malaysia's largest independent power producer) and Gas Malaysia (Malaysia's sole supplier of natural gas to the non-power sector).

In the Engineering & Construction sector, MMC is involved in major engineering and construction projects, such as the Storm water Management and Road Tunnel (SMART) project, an innovative flood mitigation project for the city of Kuala Lumpur.  Through Zelan Berhad, MMC has interests in IJM, a leading construction company with a strong international track record, and Zelan Construction, a specialist design & build contractor for power plants.

For more information, visit the company's website at www.mmc.com.my. 

For more information, please contact:
Name: Feizal Ali
Position: Group Chief Executive Officer
Company: MMC Corporation Berhad
Telephone: ++603 9179 7789
E-mail: feizal@mmc.com.my

© Press Release 2007