Dubai Group, a financial services company of Dubai Holding, announced that it has invested US $49.5 million for approximately 30% of Malaysia’s GBD Investment Limited (GBDI), the largest biodiesel plant in the South East Asian region.
The investment was made by Dubai Ventures, the equity investment company of Dubai Investment Group, a subsidiary of Dubai Group.
GBDI has completed construction, and commenced production of its 200 000 metric ton biodiesel facility at Lahad Datu in the state of Sabah, Malaysia. The company is preparing to commence construction on its phase II facility, which will increase GBDI’s biodiesel production capacity to 500 000 metric tonnes per annum. GBD’s plant has the ability to use both palm oil and jatropha as feedstock.
“We are proud to be a strategic partner of GBD Investment. Biofuels and renewable energy are preferred industry focus for Dubai Investment Group, and we intend to bring this technology to the geographic regions, specially Middle East, where we currently have a presence,” said Abdulhakeem Kamkar, CEO of Dubai Investment Group, in a statement.
GBDI’s facility will produce biodiesel and pharma-grade glycerine under the European Union (EN) and American (ASTM) standards for the Korean, as well as global markets.
Dr. Hwang Jong Sic, Chairman of GBD Investments commented on the investment, “We are greatly honoured to welcome into our family of investors, the Dubai Investment Group, an esteemed investor who acknowledges the field of ‘green’ energy and is one of the first movers from the Middle East into biofuels technology.”
