Citadel Capital’s Sibu expansion to transform Borneo’s business landscape

SIBU (Nov 12): Citadel Capital, a wealth management company, announced another expansion into Sibu, Sarawak, after opening its first branch in Kuching last July, 2023.

This strategic move signifies Citadel Capital’s commitment to creating opportunities and contributing to the communities it serves.

Citadel representative Alan Ling will lead this new office in Sibu, while the company had already established a strong presence in Kuching, helmed by Dayang Noorazlinah and in Kota Kinabalu, under the leadership of Angie Ng.

Citadel Capital sees Sibu as a rapidly growing city in Sarawak, which offers substantial potential for business investment.

Citadel Capital’s expansion into Sibu positions the company to seize investment opportunities that align with the region’s growth.

“This strategic move is expected to enhance customer satisfaction, yield higher returns on client investments, and establish a foundation for future business success.

“Citadel Capital believes in empowering investors and nurturing careers in wealth management,” it said in a statement.

“This move not only signifies Citadel Capital’s commitment to fostering lasting partnerships but also to
making a positive and enduring impact on the dynamic business landscape of Borneo,” it added.

It noted that Sibu has experienced a remarkable 102 per cent growth in business events since 2021, resulting in significant economic impact, increased delegate spending, and the creation of numerous job opportunities.

Sibu also serves as a gateway to various towns and districts in central Sarawak, including Kanowit, Song, Kapit, Bintangor, and Sarikei, thanks to its well-developed road network.

The thrice-weekly AirAsia direct flight between Singapore and Sibu has also strengthened its connectivity.

Agoda, a prominent online hotel booking platform, has recently recognised Sibu as the most affordable tourist destination in Malaysia and the second most affordable in Asia.

The average room rate in Sibu stands at a reasonable RM136, making it an attractive location for tourists and businesses alike.

Sibu, once renowned for its thriving timber industry during the 1940s and 1950s, has evolved into a predominantly commercial centre. However, this transition from timber to commerce has led Sibu to focus on aligning its development trajectory with Sarawak’s ambitious goal of becoming a high-income and developed state by 2030.

The State Government has already initiated numerous infrastructure projects in these districts, and additional initiatives are planned under the 12th Malaysia Plan, furthering development in Sibu.

These developments, including the ongoing RM100 million road project linking Sibu Jaya to Kong Yit Khim Road, aim to establish Sibu as a vibrant and integral town for the region’s future growth.

Sibu’s vision to become the hub of development in the Central Region of Sarawak by 2030, places emphasis on its economic activities, for example the development of the shipbuilding industry, which contributed significantly to Sarawak’s economy, generating RM168 million as of October 2020.

This achievement underscores the local shipbuilders’ exceptional quality and technical expertise, reinforcing Sibu’s position in the region’s economic landscape.