Sabah’s Economic Journey

The State’s economic blueprint - the Hala Tuju Sabah Maju Jaya (SMJ) development – has steadily boosted Sabah’s economic growth over the last several years.

Chief Minister Datuk Seri Panglima Haji Hajii Haji Noor said that the RM2.63 billion allocation for infrastructure development for 2024 is testimony of the government’s focus and commitment. Hajiji shared his thoughts in a speech – delivered by Datuk Seri Panglima Masidi Manjun, State Finance Minister, who represented the CM - on 20 May 2024 at the Sabah Investors Forum at the Sabah International Convention Centre (SICC), Kota Kinabalu.

Hajiji said that RM679.85 million was allocated to address clean water supply and RM430.84 million was channeled to infrastructure maintenance.

Sabah is already embarking on the transition towards using renewable energy and Hajiji said that Sabah has launched the Sabah Energy Roadmap and Master Plan 2040 which included the Ulu Padas hydroelectric project, stared in December 2023 which will generate 187.5 MW of power and supply 6,000 million litres daily (MLD) of water. For regulatory control over electricity supply Sabah has established the Sabah Energy Commission (ECoS) to lead the State in the supply of gas and energy.

The State Government will soon sign an agreement with a multinational logistics company to jointly manage the Sapangar Bay Container Port.

The State Government has also undertaken efforts to ensure that the oil palm industry remained sustainable, including the setting up of the SMJ Energy Sdn Bhd (SMJE), a company wholly owned by Chief Minister Incorporated of Sabah which, in 2023, successfully priced its inaugural RM900 million Islamic Medium-Term Notes, issued out of SMJE’s sukuk wakalah programme of up to RM10 billion in nominal value. The Forum was co-organised by the Sabah Development Bank Berhad (SDBank) with investors-coordination support from the RHB Investment Bank.