The Penang Institute is in the final stages of reviewing and shortlisting proposals for the establishment of the Penang International Financial Centre (PIFC), a strategic initiative aimed at boosting the state’s role in global finance.

Chief Minister Chow Kon Yeow said PIFC is expected to attract capital inflows, foster financial innovation, and strengthen Malaysia’s semiconductor and high-tech sectors.

“This initiative, driven by the Penang Institute through a Request for Expressions of Interest, aligns with Penang’s position as a global trading hub and a leader in manufacturing and technology,” Chow said.

He noted that the project will be a long-term effort to position Penang as a trusted regional finance hub, supported by robust digital infrastructure, fintech advancement, green investment, and top-tier professional services.

“Our aim is simple – to attract global capital, create quality jobs for Penangites, and cement our standing as a key regional player,” he added, pledging that further announcements will follow as the project progresses.

Chow made the remarks during the 80th anniversary celebration of the Penang Importers and Exporters Association (PIEA) in George Town. The event was attended by key trade and industry leaders, including representatives from the Ministry of International Trade and Industry (MITI) and the Penang Port Commission.

While congratulating PIEA on its milestone, Chow highlighted the state government’s commitment to fostering a business-friendly environment, reducing red tape, and driving innovation and sustainability.

PIEA president Datuk Seri Lim Kai Seng reflected on the association’s evolution since its founding in 1945, noting its role in promoting trade, collaborating with government on policy, and enhancing Penang’s competitiveness.

Lim said PIEA’s future focus will centre on strengthening connectivity, empowering business growth, advancing green and digital transformation, and nurturing youth leadership.

As Penang moves closer to realising PIFC, the initiative is seen as a catalyst for integrating the state’s manufacturing prowess with high-value financial services, further diversifying its economy and reinforcing its place on the global stage.

About Queens Residences 3

The third phase of the Queens Waterfront development by Ideal Property Group (also known as Q3), situated near Queensbay in Penang. Positioned strategically on reclaimed seafront land directly opposite Queensbay Mall, it’s an expansion of the successful Q1 and Q2. The new phase of development will introduce another 532 residential units, offering a choice of five different layouts ranging from 950 sq.ft. to 1,400 sq.ft.

Find out more about Queens Residences 3

The Penang government plans to build a new tuna and deep-sea fishing port in the state, which meets international standards, to increase tuna landings.

State Agrotechnology, Food Security and Cooperative Development Committee chairman Fahmi Zainol said the government has identified an area in Bagan Ajam for the new tuna port and discussions are already underway.

“The state has earmarked land in Bagan Ajam for the development of the new port, with an estimated development budget of RM150 million to RM300 million.

“We are currently in talks with several investors for funding,” he said.

He added that, based on the timeline, the port could be completed within one-and-a-half to two years, pending technical approval from the District Land Office and other relevant agencies, as well as private sector allocation.

“We hope the new port can revive the glory days of Penang’s tuna industry, much like the 1990s,” he told Bernama today.

Fahmi highlighted several benefits of the new port, including its exclusive focus on tuna fishing, meaning tuna vessels will not have to compete for docking space with commercial ships.

The port will also offer lower charges, as it will not operate on a commercial basis.

Regarding competition, he said that tuna ships would not need to compete for docking space because the new port would be dedicated solely to tuna landings.

It is expected to attract foreign tuna ships due to its user-friendly facilities.

The new port will meet European Union (EU) standards and will include special facilities tailored specifically for tuna fishing, unlike existing ports, which offer general facilities and lack focus on tuna landings.

“According to preliminary data from the Malaysian Fisheries Department, the total tuna landings in Penang last year were 431,000kg, valued at RM7.758 million.

“The main landing point is currently the Butterworth deep-water wharf,” Fahmi said.

He also noted that Malaysian vessels had landed tuna in Mauritius last year, with a total of 4,295,758kg of tuna, including 3,749,478kg from local vessels.

So far this year, the total tuna landings in Penang, including foreign vessels, have reached 1,445,120 kg, with an estimated value of RM26 million.

Fahmi believes that with the dedicated tuna port in Bagan Ajam, tuna landings could increase by 30 to 50 per cent within five years of its operation.

He also envisions Penang becoming a tuna processing hub, where foreign vessels can land their catch for processing before exporting it to Taiwan or Japan.

Source: Bernama

Nexus Industrial Hub by Bionic Land is located in Jawi, Nibong Tebal, Penang, particularly near Sungai Bakap and Batu Kawan. This is a visionary development poised to redefine the future of industrial spaces, offering freehold industrial development. This industry is designed as a strategic hub for emerging economy industries, providing versatile and well-integrated solutions for businesses and enterprises.

The industrial development consists of exclusivity of 40 units 2-storey semi-detached light industrial features a modern appearance and is thoughtfully designed to cater to various industrial needs, including warehousing, logistics, manufacturing, and hybrid office-industrial setups. The units offer flexible and scalable space, making them ideal for Small and Medium-sized Enterprises (SMEs), start-ups, and e-commerce businesses.

The NEXUS INDUSTRIAL HUB incorporates several key design features to enhance operational efficiency and employee well-being, including natural daylight to maximise productivity and potentially reduce energy costs, wider internal roads for smooth truck manoeuvring and reduced operational delays, and multi-point entry at the front, side, and rear for efficient loading and unloading.

Furthermore, the unit’s high ceilings are suitable for automation or mezzanine use, substantial loading capacity is designed for safety and efficiency, specialised power supply tailored to meet industrial specifications and multiple layout options to fit varied business needs.

The industry development features three distinct unit types – Type A, Type B and Type C – each with varying build-up and land sizes to accommodate diverse business scales. Specifically, Type A comprises 19 units with a build-up of 5,465 sq.ft. and a land size from 9,310 sq.ft.; Type B offers 20 units with a build-up of 4,998 sq.ft. and a land size from 8,797 sq.ft.; and Type C includes 1 unit, a substantial build-up of 8,172 sq.ft. and a land size of 13,858 sq.ft., with each unit type featuring dedicated warehouse or production components on the ground floor and office components on the first floor.

The Nexus Industrial Hub boasts a prestigious and well-connected location offering unparalleled accessibility through direct access to the North-South Expressway and proximity to Penang Second Bridge and Penang First Bridge, ensuring effortless access to local talent, established enterprises and global industries. This strategic positioning in a fast-growing industrial corridor and its proximity to essential amenities like commercial, retail, banking, healthcare facilities and also significant industrial zones such as Valdor Industrial and Batu Kawan Industrial Park present a significant investment potential with higher rental yields and strong prospects for long-term capital appreciation.

For more information or enquiries:

BIONIC LAND SALES GALLERY
20-G, Jalan Vervea 9, Bandar Cassia, 14110 Batu Kawan, Penang. [Google Map]
Sales Hotline: +6012-489 0668
WhatsApp: https://wa.link/ddj4wd
Email: sales.my@bioniccorp.com

SITE PROGRESS

SITE PROGRESS: Nexus Industrial Hub (Aug 2025)

About Maldives Residences

A residential development by Ideal Property Group at Bayan Lepas. Strategically located along Jalan Sungai Tiram 6, just across the road from Havana Beach Residences. It is conveniently connected to Jalan Tun Dr Awang, less than 2km away from Penang International Airport. This development comprises 46-storey building with 4 residential towers. It features a mix of affordable and upgraded units, with a built-up size of 850sq.ft. onwards.

Find out more about Maldives Residences