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Private equity powerhouse Blackstone Inc is teaming up with Saudi Arabia’s emerging artificial intelligence firm Humain to develop data centres across the kingdom, beginning with an initial investment of about US$3 billion (RM12.6 billion). AirTrunk, a hyperscale data centre operator owned by Blackstone and the Canada Pension Plan Investment Board, will collaborate with Humain to establish a long-term partnership focused on financing, developing, and managing AI infrastructure throughout Saudi Arabia, the firms said in a joint statement on Tuesday (Oct 28). Announced on the sidelines of Riyadh’s Future Investment Initiative (FII), the deal underscores Saudi Arabia’s accelerating push into AI and digital infrastructure. Both Blackstone and BlackRock Inc have reportedly been competing to invest billions in Humain, Bloomberg News previously reported. The collaboration adds to a wave of global investments pouring into AI-related infrastructure, as leading investors and tech firms race to build capacity to support generative AI models like OpenAI’s ChatGPT. Blackstone, which has built a global data centre empire, acquired AirTrunk for around US$16 billion last year. The company currently operates facilities across Australia, Singapore, Hong Kong, Japan, and Malaysia. At the FII conference, Blackstone CEO Stephen Schwarzman described AI and data centres as key investment frontiers, though he cautioned that energy supply remains a pressing challenge for the industry. Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), established Humain in May to spearhead the kingdom’s AI ambitions. The company recently broke ground on its first data centres, which are expected to go live early next year, and plans to add 1.9GW of capacity by 2030. Humain is also securing advanced semiconductors from US suppliers, including Nvidia Corp, and counts Qualcomm Inc and Cisco Systems Inc among its partners. It is reportedly in early talks with Elon Musk’s xAI on a potential Saudi data centre collaboration. The company’s US$10 billion Humain Ventures fund, launched earlier this year, has begun deploying capital into AI infrastructure projects. Humain CEO Tareq Amin said the partnership with Blackstone marks a major milestone in the kingdom’s AI journey. “This collaboration represents a pivotal moment in building scalable, secure, and sustainable data centre capacity to support the explosive growth of AI and cloud computing,” Amin said, adding that the company aims to make Saudi Arabia the world’s third-largest AI infrastructure hub, after the US and China.

KUALA LUMPUR, Bank Islam Malaysia Bhd announced that its Group Chief Executive Officer (CEO) Dato’ Mohd Muazzam Mohamed will step down from his role on Dec 12, 2025, concluding a decade-long career with the group. His resignation will take effect on Jan 7, 2026. To ensure a seamless leadership transition, the bank said its Group Chief Business Officer for Retail Banking, Mizan Masram, will assume the role of officer-in-charge beginning Dec 13, 2025. Dato’ Mohd Muazzam will continue serving during the transition period to support Mizan and facilitate an orderly handover. Appointed as Group CEO in 2018, Dato’ Mohd Muazzam has been pivotal in steering Bank Islam’s transformation journey, particularly in advancing digital innovation. He oversaw the launch of Be U, Malaysia’s first cloud-native mobile banking app, and several digital payment initiatives that strengthened the bank’s retail capabilities. Dato’ Mohd Muazzam also led the group’s corporate restructuring in 2021, when Bank Islam took over the listing status from its parent company to become the first and only standalone Islamic bank listed on Bursa Malaysia’s Main Market. Under his stewardship, the bank’s total assets expanded from RM64 billion in 2018 to over RM100 billion. The board of directors has initiated the process of identifying a successor, with an announcement to follow upon obtaining the necessary regulatory approvals. Reflecting on his departure, Dato’ Mohd Muazzam said: “It has been an honour to lead Bank Islam and work alongside a highly dedicated team. After seven years as Group CEO, I believe the time is right for me to step aside and focus on personal pursuits. I am deeply thankful for the trust and support extended by the board, management, and all our colleagues throughout this journey.” Bank Islam chairman Tan Sri Dr Ismail Haji Bakar expressed his appreciation, stating: “Dato’ Mohd Muazzam has played an instrumental role in strengthening Bank Islam’s position as a leading Islamic financial institution. On behalf of the board, we extend our sincere gratitude for his service and wish him continued success in his future endeavours.”

KUALA LUMPUR, Malakoff Corp Bhd has entered into a reservation agreement with Japan’s Mitsubishi Power Ltd to secure advanced gas turbines and generators for its upcoming 1,400MW combined-cycle gas turbine (CCGT) power plant project. In a statement, Malakoff said the agreement represents a major step forward in its commitment to enhancing power generation efficiency and supporting Malaysia’s broader energy transition agenda. The deal, signed on Oct 10, includes the reservation and procurement of Mitsubishi Power’s state-of-the-art M701JAC gas turbines and corresponding turbine generators — equipment known for their high efficiency, reliability and lower carbon emissions. Malakoff group chief executive officer Syahrunizam Samsudin said the agreement underscores the group’s long-term commitment to delivering sustainable and technologically advanced energy solutions. “By securing access to the advanced M701JAC gas turbine technology, we are strengthening our capabilities to produce cleaner and more efficient power. This move also reinforces Malakoff’s focus on innovation, energy security and sustainable growth in line with Malaysia’s energy transition aspirations,” he said. The M701JAC turbine technology, developed by Mitsubishi Power, is one of the most efficient gas turbine systems available globally, offering improved output with reduced emissions. Malakoff said the adoption of this technology would help the company meet growing energy demand while reducing its environmental footprint. The 1,400MW CCGT project is part of Malakoff’s broader strategy to diversify its energy portfolio by integrating cleaner technologies and enhancing operational efficiency. The company noted that further details of the project, including its location and investment value, will be announced upon the completion of ongoing feasibility studies and regulatory approvals. Malakoff, one of Malaysia’s largest independent power producers, continues to align its operations with the national goal of achieving net-zero emissions by 2050 through cleaner energy production and sustainable business practices.

PETALING JAYA, AWC Bhd has secured a five-year facilities management contract worth RM82.5 million from the Public Works Department (JKR) for the maintenance of several government buildings in Putrajaya. In a filing with Bursa Malaysia, AWC said its wholly-owned subsidiary, Ambang Wira Facilities Sdn Bhd, received the official letter of acceptance from JKR for the appointment as service provider. The scope of work covers the integrated facilities management and maintenance of buildings located in Kompleks E — which houses the Ministry of Education — as well as the Department of National Unity and Integration (JPNIN) at Precinct 1, Putrajaya. The contract will run from Jan 1, 2026, to Dec 31, 2030. According to the group, the project is expected to contribute positively to its earnings and net asset position throughout the contract period, providing steady recurring income to its facilities division. “The latest win further strengthens our long-term partnership with government agencies and enhances AWC’s reputation as a reliable facilities management service provider,” the group said. As of end-June 2025, AWC reported an outstanding order book of RM597 million — excluding the newly secured contract — ensuring strong revenue visibility for the next few years. The group added that the latest project award reaffirms its position as one of Malaysia’s leading integrated building solutions companies, with expertise spanning facilities management, engineering services, and environmental technology.

KUALA LUMPUR, The government has renewed Tan Sri Abdul Rashid Hussain’s appointment as chairman and board member of Lembaga Tabung Haji (TH) for another two years, effective Dec 20, 2025. In a statement on Monday, TH said the reappointment reflects the government’s continued trust in Abdul Rashid’s leadership, under which the institution has introduced key strategic and governance reforms. Since assuming the role on Dec 20, 2023, Abdul Rashid has driven initiatives aimed at strengthening TH’s financial performance and improving returns for depositors. “This is reflected in TH’s strong profit performance and its ability to maintain competitive and sustainable dividend payouts,” the statement said. For the financial year 2024, TH reported a profit of RM2.92 billion, with total assets under management rising to approximately RM95.06 billion. The institution also earned international recognition when it received the Labaytum Diamond Award from Saudi Arabia’s Ministry of Hajj and Umrah during the 1446H/2025M Hajj season — the highest honour for Hajj management agencies. Abdul Rashid, in expressing gratitude for his reappointment, thanked Minister in the Prime Minister’s Department (Religious Affairs) Datuk Dr Mohd Na’im Mokhtar for the confidence placed in him. “I am truly honoured to continue leading TH and working alongside our dedicated team to strengthen the organisation’s sustainability and resilience through continuous innovation and improvement. Our mission remains focused on safeguarding depositors’ funds and facilitating the Hajj pilgrimage,” he said. He added that TH aims to solidify its standing as a leading Islamic savings institution, in line with Prime Minister Datuk Seri Anwar Ibrahim’s call for enhanced governance and management to better serve depositors. Abdul Rashid was first appointed as TH chairman on Dec 20, 2023, for a two-year term. His new term will run from Dec 20, 2025, until Dec 19, 2027.

KUALA LUMPUR, Bina Darulaman Bhd, the Kedah state government-linked developer, has appointed Che Abdul Khalid Md Din as its new group chief executive officer (CEO), effective Nov 1. He will take over from YM Raja Shahreen Raja Othman, whose contract concludes at the end of this month, the company announced in a filing with Bursa Malaysia on Monday. Che Abdul Khalid brings with him more than three decades of experience in the property development and construction sectors. He currently serves as chief operating officer (COO) of Kulim Technology Park Corp Sdn Bhd (KTPC) — a subsidiary of the Kedah State Development Corporation — a position he will vacate on Oct 31. During his tenure at KTPC, Che Abdul Khalid played a key role in attracting both foreign and domestic direct investments to Kulim Hi-Tech Park, which saw significant investment inflows of RM10.7 billion in 2022, RM20.1 billion in 2023, and RM32.4 billion in 2024. He also led the strategic planning and execution of all Build-and-Lease projects, overseeing the full cycle from design and contract negotiation to project completion and client handover. Prior to his COO appointment, he served as general manager at KTPC from April 2019. His earlier roles include general manager at Darulaman Realty Sdn Bhd (now BDB Land Sdn Bhd, a wholly-owned unit of Bina Darulaman) and Kedah Holdings Sdn Bhd between 2006 and 2008. Che Abdul Khalid also sits on the board of KSDC Insurance Brokers Sdn Bhd, a fully-owned subsidiary of the Kedah State Development Corporation, a position he has held since August 2023. Shares of Bina Darulaman closed four sen or 16.67% higher at 28 sen on Monday, giving the company a market capitalisation of RM83.38 million.