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 domestically funded project that turned a previously idle asset into a thriving business.

The hotel, developed and managed by Zikay Group's subsidiary Brisdale International Sdn Bhd, required significant investment of over RM100 million over four years. Minister Johari emphasized that such ventures necessitate entrepreneurs possessing both the boldness and capability to accurately assess risks before embarking on a project.

He pointed out that redeveloping existing structures poses greater challenges than building new ones on vacant land. However, Zikay Group's expertise and experience as contractors proved invaluable in evaluating the costs and requirements for the hotel's renovation. The opening of the hotel is expected to have a positive impact on the surrounding community, due to its role in fostering an economic ecosystem consisting of various business activities.

The hospitality sector, closely tied to tourism, contributes nearly RM300 billion, or 15%, to the national economy and generates around 3.5 million jobs. By strategically locating the hotel within a business district, the surrounding area's economic activity increases, leading to further growth throughout the entire economic ecosystem.