Domestic private investments can revitalise idle assets, says Johari

Investment, trade, and industry minister Johari Ghani highlighted the potential of domestic private investments to revitalize idle assets and stimulate the local economic ecosystem. He cited the redevelopment of Brisdale International Hotel in Kuala Lumpur as a prime example of a successful domestic investment. This project was undertaken by a wholly locally owned company, with all risks and responsibilities borne by the investor.

Johari stressed that entrepreneurs must have the courage and capability to assess risks carefully before embarking on a project. He advised that those risks should be calculated. He noted that redeveloping existing buildings is a more challenging task than constructing new ones on vacant land.

The Zikay Group's expertise and experience as contractors were instrumental in assessing the costs and requirements for the hotel's redevelopment. The opening of the hotel has significantly benefited the community surrounding Jalan Raja Bot by fostering an economic ecosystem with diverse business activities. Johari emphasized that the hospitality sector is closely linked to the tourism industry, contributing nearly RM300 billion or 15% to the national economy and generating around 3.5 million jobs.

He explained that a hotel located in a business district boosts economic activity in the area, leading to the growth of the entire ecosystem. Zikay Group, through its subsidiary Brisdale International Sdn Bhd, invested over RM100 million over four years to acquire and redevelop the building into a modern hotel with 300 rooms and more than 150 staff in the Kampung Baru area.