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Malaysian airports lag behind neighbours, GIP deal crucial for MAHB, says Amir Hamzah | Scoop
Finance Minister II Datuk Seri Amir Hamzah Azizan has said Malaysia’s airports have lost their competitive edge compared to those in neighbouring countries. – Bernama pic, July 3, 2024
News

Malaysian airports lag behind neighbours, GIP deal crucial for MAHB, says Amir Hamzah

Finance minister II cites firm’s success in enhancing airport performance elsewhere, such as in Sydney and at London Gatwick

Main Author Image
Adam Ayzzat
Updated
6:03 PM MYT

 

KUALA LUMPUR – The partnership with New York-based Global Infrastructure Partners (GIP) aims to revitalise Malaysia’s airports, which are in urgent need of upgrades, according to Finance Minister II Datuk Seri Amir Hamzah Azizan.

Amir Hamzah highlighted that Malaysian airports had lost their competitive edge compared to those in neighbouring countries, referencing “worrying” statistics from the International Air Transport Association (Iata).

“Iata reported that the aviation sector contributes 12% to Singapore’s GDP and 16% to Thailand’s, while it only accounts for 3.5% of Malaysia’s GDP,” he said during a parliamentary special session today.

He said that over the past decade, tourist arrivals had increased by only 1% annually in Malaysia, compared to 8% in neighbouring countries. 

He added that Malaysia’s long-distance flight routes had decreased from 33 in 2010 to just 22 in 2022, whereas Singapore saw an increase of 40 routes and Thailand added 55.

Amir Hamzah also noted the disparity in weekly flights to Europe and North America. Singapore boasts 208 flights to Europe and 60 to North America, while Malaysia has just 33 and none, respectively.

Discussing GIP’s track record in enhancing airport performance, he cited the firm’s successes, such as reducing queue times at Sydney Airport by about 60%, replacing London Gatwick Airport’s aerotrain within 10 months, and increasing Edinburgh Airport’s total flight routes from 141 to 225.

GIP was chosen from among hundreds of firms due to its willingness to meet the consortium’s criteria, such as being prepared to hold a minority stake, agreeing to relinquish shareholdings after a set period, and understanding that the chairman and managing director positions must be held by Malaysians.

The consortium aims to accelerate a RM10 billion investment over five years for Malaysia Airports Holdings Bhd (MAHB), addressing its pressing need for reform.

Amir Hamzah refuted claims that the government had sold MAHB shares to foreign investors, noting that Khazanah Nasional Bhd and the Employees Provident Fund increased their shareholding from 41% to 70%.

While the remaining shares will be held by GIP and the Abu Dhabi Investment Authority, the government will retain a golden share in MAHB and maintain ownership of all national airports.

During the session, Putrajaya MP Datuk Radzi Jidin suggested that, instead of partnering with GIP – which is set to be acquired by Israel-linked BlackRock – Malaysia could consider appointing a consultant.

In response, Amir Hamzah argued that parties in a partnership had a vested interest in improving the firm they invested in, whereas consultants merely provided observations without any stakes.

He added that as a fund manager, GIP would eventually exit the consortium as it must return funds to its own investors. – July 3, 2024

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