KUCHING – Permodalan Satok Berhad (PSB), a Sarawak-based property investment company, has entered into a strategic partnership with Malaysian hospitality group RIYAZ International Sdn Bhd to manage hotel assets and major convention venues in Kuching.
The collaboration was formalised through the signing of a Memorandum of Understanding (MoU) at the Hikmah Exchange and Event Centre on Wednesday. The agreement paves the way for a Joint Venture Agreement (JVA) to establish RIYAZ JV Co, a joint venture entity tasked with operating and managing selected branded hotels and prominent convention facilities in the city.
Minister for Tourism, Creative Industry and Performing Arts, Dato Sri Abdul Karim Rahman Hamzah, hailed the partnership as a milestone for Kuching’s hospitality sector. “The strategic partnership between PSB and RIYAZ is a meaningful combination of vision, resources, and expertise. This partnership ushers in a new era of hospitality excellence in Sarawak,” he said.
Under the agreement, PSB will contribute strategic assets, while RIYAZ International will bring expertise in world-class brand selection and management strategies. This collaboration aims to enhance service quality, attract global visitors, and position Kuching as a competitive tourism destination in the region.
Dato Sri Abdul Karim noted that the initiative aligns with the Sarawak Government’s aspirations to diversify the economy and strengthen its position in the global tourism market.
The signing ceremony was attended by PSB Executive Chairman, Tan Sri Datuk Amar (Dr) Abdul Aziz Dato Husain; Deputy Sarawak Secretary (Economic Planning and Development) and PSB Board Member, Dato Sri Dr. Muhammad Abdullah Zaidel; Managing Director of RIYAZ International, Dato Sri Mohammed Shaheen Shah Mohd Sidek; and other distinguished guests.
The partnership is expected to bolster Kuching’s appeal as a hub for both leisure and business events, supporting Sarawak’s wider tourism growth objectives.
