NAIM seeks to expand footprint in O&G sector

KUCHING: Property developer Naim Holdings Berhad (NAIM) is implementing strategic initiatives to bolster its financial stability and ensure long-term sustainability. 

In a statement the company pointed out that this move is part of its ongoing commitment to remain resilient amid a challenging property market characterised by substantial unsold units.

“One of the pivotal strategies includes expanding its operations in the Oil and Gas (O&G) sector through investments in associate companies, Dayang Enterprise Holdings Berhad and Perdana Petroleum Holdings Berhad,” said Group Managing Director Datuk Hasmi Hasnan.

“NAIM recognises significant potential in the expanding O&G sector in Sarawak, with robust support from the Sarawak government’s initiatives aimed at propelling local O&G players to global prominence.

“These measures are guided by our steadfast commitment to our core corporate values and a clear focus on future growth. Making prudent financial decisions is essential to maintaining our resilience and continued success.”

According to the statement regionally, NAIM is driving its expansion in Bintulu, with investments in NAIM Street Mall, NAIM Workers’ Village, and the upcoming New Bintulu Avenue housing development. 

“This expansion is inspired by the significant RM52 billion investment in 2023, which has surged to RM111.73 billion, as mentioned by Sarawak’s Premier. 

“This investment is expected to catalyse substantial economic growth in the region.

“The estimated RM1.25 trillion injection into the economy from Sarawak’s mineral reserves, as highlighted by Deputy Premier Datuk Amar Awang Tengah  Ali Hasan, underscores the strategic importance of NAIM’s investments in the region,” the statement read.

Therefore, NAIM added that by leveraging the synergy between property development and the O&G sectors, it aims to contribute to the state’s economic development while ensuring robust returns for its stakeholders.

“In addition to these initiatives, NAIM is dedicated to addressing the growing demand for affordable housing. 

“With its existing landbank, NAIM has the potential to develop approximately 10,000 units of affordable housing, particularly in Miri,” added NAIM.

Moreover, the company is also exploring strategic partnerships with industry players, including government-linked companies, to create synergistic relationships that support their expansion plans and capitalise on future opportunities.

“Through the implementation of these initiatives, NAIM reaffirms its commitment to its mission of building sustainable and resilient business models. 

“By consolidating its assets, expanding its footprint in the O&G sector, and undertaking significant development projects in Miri and Bintulu, NAIM is well-positioned to achieve sustained growth and deliver long- term value to its customers and investors,” the statement said.