Property News Roundup 9th December 2024
- Leader Energy signs landmark agreement for Cambodia’s first 150 MW wind power plant
Leader Energy has signed an Implementation Agreement (IA) with Cambodia’s Ministry of Mines and Energy to develop the country’s first 150 MW wind farm in Mondulkiri province. This project marks Leader Energy’s entry into wind power, expanding its renewable energy portfolio, which already includes solar, hydro, transmission lines, battery storage, and green mobility. The wind farm aims to harness Cambodia’s untapped wind potential, diversify its energy mix, and support the country’s growing electricity demands. Scheduled for completion in 2027, the project represents a significant milestone in Cambodia’s transition to sustainable energy. Dato’ Sean H’ng Chun Hsiang, Executive Deputy Chairman and Co-Group CEO of Leader Energy, emphasized the importance of collaboration with various Cambodian ministries and the national utility company, Électricité du Cambodge (EDC), in bringing this project to fruition. He highlighted the project’s role in shaping a cleaner, greener future for Cambodia. This wind farm is expected to demonstrate the feasibility of large-scale wind energy projects in the region and contribute significantly to the country’s clean energy goals.
November 30th, 2024 | Reve | Link:t.ly/bcYs1
- Emirates’ return to Phnom Penh boosts tourism, strengthens trade with CEPA
Emirates has resumed daily flights to Phnom Penh, enhancing Cambodia’s tourism and trade. This aligns with the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Cambodia. Since May, passenger demand has increased, showcasing Cambodia’s growing appeal as a travel destination. Emirates has promoted Cambodia’s cultural heritage globally, featuring landmarks like Angkor Wat. The airline collaborates with the Cambodian Ministry of Tourism to improve tourism infrastructure. Emirates plans to expand operations, including a new travel shop in Phnom Penh in 2025 and potentially adding Siem Reap to its network. The airline is also preparing for the transition to Phnom Penh’s new Techo International Airport. The UAE-Cambodia CEPA, effective since January, aims to strengthen trade by eliminating tariffs. Emirates has seen a 7% increase in trade and cargo between the two nations, highlighting the agreement’s positive impact on business and passenger travel. This partnership is expected to drive continued growth in tourism and trade.
November 30th, 2024 | The Star | Link:t.ly/zbl8F
- Cambodia’s Angkor earns nearly 42 mln USD revenue in first 11 months
In the first 11 months of 2024, Cambodia’s Angkor Archaeological Park earned $41.9 million from ticket sales, a 28.7% increase from the previous year. The park welcomed 898,339 international tourists, up 28.3% from last year, with the top visitors from the U.S., Britain, France, South Korea, and China. November alone saw 124,136 foreign tourists, generating nearly $6 million. The new Siem Reap Angkor International Airport, opened in November 2023, has boosted international arrivals. The 401-square-km park, home to 91 ancient temples, benefits from the Cambodia-China people-to-people exchange year, attracting more Chinese tourists.
December 3rd, 2024 | Xinhua | Link:t.ly/NciDX
- Cambodia’s Royal Group Expands Railway Freight Operations
Royal Railway PLC, a subsidiary of Cambodia’s Royal Group, has expanded its freight operations by acquiring 60 new flat wagons from China, part of a larger order of 221 wagons. These versatile wagons will transport various cargo, enhancing the company’s logistics capabilities. The expansion aims to triple the fleet from 136 to nearly 390 wagons. This growth aligns with Royal Group Chairman Neak Oknha Kith Meng’s vision to establish the railway as a key infrastructure component. Supported by Prime Minister Hun Manet, the initiative is set to boost Cambodia’s transport infrastructure and regional trade.
December 2nd, 2024 | Railway Supply | Link:t.ly/–7Al
- Singapore Firm YCH Group Plans to Revolutionise Cambodia’s Logistics Sector
Singapore-based YCH Group is set to transform Cambodia’s logistics sector by investing in the country’s connectivity infrastructure. Following a meeting with Prime Minister Hun Manet, YCH Group Chairman Robert Yap expressed enthusiasm for enhancing Cambodia’s transportation and logistics services. The Royal Government supports these investments, focusing on developing critical infrastructure like airports, ports, expressways, and rail networks. YCH plans to establish Cambodia’s first world-class logistics center in collaboration with WorldBridge Group. This project aims to boost trade, warehousing, and refrigerated logistics, positioning Cambodia as a key logistics hub in ASEAN. Other international firms, like DH World, are also showing interest in Cambodia’s logistics sector.
December 4th, 2024 | Construction & Property | Link:t.ly/pOV8d
- FDI inflows hit $8.1B in one year
Between September 2023 and September 2024, Cambodia’s Foreign Direct Investment (FDI) inflows surged to $8.1 billion, reflecting strong international confidence in the country’s growth-oriented policies and stable economic conditions. The main sources of FDI were China, South Korea, Singapore, Japan, Vietnam, Malaysia, Thailand, Canada, and the UK. Deputy Prime Minister Aun Pornmoniroth highlighted Cambodia’s consistent high growth, economic development, and favorable investment environment, including generous tax breaks and streamlined business processes. The Council for the Development of Cambodia (CDC) registered 315 projects in the first nine months of 2024, bringing in $5.3 billion and generating over 252,000 jobs.
December 2nd, 2024 | Khmer Times | Link:t.ly/6v3lV
- The murky waters of Cambodia’s Funan Techo Canal
The Funan Techo Canal is a $1.7 billion project in Cambodia, aiming to connect the Mekong and Bassac rivers with the Gulf of Thailand. This 180-kilometer waterway is expected to reduce Cambodia’s reliance on Vietnamese ports for exports. Despite the project’s ambitious goals, its financing remains unclear, with speculation about Chinese involvement. The canal has raised environmental and political concerns, particularly regarding potential military use and regional water management. The project is seen as a legacy of former leader Hun Sen, with completion targeted for 2028. The economic viability and environmental impact of the canal are still debated.
December 5th, 2024 | theinterpreter | Link:t.ly/T5PH8
- Chinese tourist arrivals to Cambodia up 52.5 pct in first 10 months of 2024
In the first 10 months of 2024, Cambodia saw a 52.5% increase in Chinese tourists, totaling 691,736 visitors. This group made up 12.9% of the 5.37 million international tourists, with China being the third largest source after Thailand and Vietnam. Tourism Minister Huot Hak highlighted the importance of this growth for the tourism industry and investment opportunities. Cambodia aims to attract 7 million international tourists, including over 2 million Chinese visitors, in 2025. Tourism, along with garment exports, agriculture, and construction, is a key pillar of Cambodia’s economy, generating $3.08 billion from 5.45 million tourists in 2023.
December 5th, 2024 | Xinhua | Link:t.ly/fCQg4
- Hong Leong Manufacturing Group Eyes Motorcycle Factory Investment in Cambodia
Malaysia’s Hong Leong Manufacturing Group is considering establishing a motorcycle factory in Cambodia, marking a significant boost for the country’s manufacturing sector. This potential investment was discussed during a meeting between Duke Tan Khee Meng, President of the Malaysian Chamber of Commerce in Cambodia, and HE Chea Vuthy, Secretary General of the Council for the Development of Cambodia (CDC). The company is also exploring other investment opportunities, including ceramic production, semiconductor manufacturing, and real estate development. The proposed factory is expected to create jobs, enhance local supply chains, and position Cambodia as a regional manufacturing hub.
December 5th, 2024 | Construction Property | Link:t.ly/w9wfh
- Cambodia nets $1.79 billion from rice exports
In the first eleven months of 2024, Cambodia earned $1.79 billion from paddy and milled rice exports, according to a report by the Cambodia Rice Federation. This significant revenue highlights the country’s robust rice export sector, which continues to be a vital part of its economy. The report underscores the importance of rice as a key agricultural product for Cambodia, contributing substantially to its trade earnings.
December 6th, 2024 | Khmer Times | Link:t.ly/xTEAF