CHAPTER 1 : GROWING PAINS

Chapter 1: Growing Pains talks the early life of Syed Mokhtar during his childhood to a reader.
He was raised in a village, among the poor urban neighborhood. Syed Mokhtar Albukhary was
born on 12 December 1951 in Alor Star, Kedah. The third child of Syed Nor and Sharifah
Rokiah. His grandfather is Syed Mohamad b Syed Akbar Shah Albukhary, a religious man.
When he was 7 years old, he fell ill seriously. His family is poor at that time. His house was
described as village-style thatched roof or attap kampong. His father was a cattle trader and there
was no fixed income. But, he was used to friend with multicultural friends. He was used to
observe the life of elite group and British because his house is nearby to Kedah Club. In 1960,
Syed Mokhtar moved to Johor Bahru, following his uncle, Syed Omar, a soldier in British Army.
Syed Mokhtar continued his education there and like other students routine there, Syed Mokhtar
was struggling with system of two session of schools which in the morning is English based
school while in evening, he spend his time for religious school.

CHAPTER 2 : FAMILY FIRST

Every day, Syed Mokhtar will always called his mother, Sharifah Rokiah or fondly known as
Mak Tuan in Alor Star. Every month, Syed Mokhtar will spent his time to visit his mother no
matter how busy he is. During Hari Raya Aidilfitri, he will took his wife and his child back to his
hometown in Alor Star to celebrate the feast together. The way he treat and he respect his mother
is align with Islams doctrine, where as in Islam, for men, the mother is more important
compared to his wife and even for his father. For his mom, it is important to live a life of
moderation. Mak Tuan has been steadying influence on her child about the importance of
patience, good deeds, and respect for all fellow beings regardless of their station in life. When his
mother talks about Syed Mokhtar, she does not refer to his achievement instead she brims with
pride for his caring and responsible characters. Syed Mokhtar comes from a family of nine,
where his mother is a first generation Malaysian, while his father was a migrant. Both trace their
ancestry back to the Afghania region, where the author Syed Salem Albukhary charts the family
tree to a nomadic clan of Tian Shan Mountain.
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CHAPTER 3 : BREAKING THROUGH

At Goon Institute, Syed Mokhtar did not making progress with his academic studies. He
struggled with the structured environment and the textbook that he need to face on. His uncles
friend, Haji Rahmat who keep an eye on Syed Mokhtar realized about this situation and support
for him to operate a lorry transportation business. In 1972, Syarikat Kenderaan Sentosa was
formed as Syed Mokhtars first company. Syed Mokhtar never shy of approaching anyone to ask
for help. During that time, the government just launched New Economic Policy (NEP), so the
government are looking for people lime Syed Mokhtar to raise participitation in the policy. So
instead of two lorry licenses, he was awarded four instead. Besides that, he secured MARA loan
to buy lorries in Kuala Lumpur. Due to his two unused lorry licenses possession, he was pursued
by Chinese businessmen where they offered him to lease the two unused license and trade it off
to them. But, Syed Mokhtar refused to do that because he thinks that this method decelerate the
efforts done by Government to raise Malays economy. Instead, he used that two unused licenses
for his transport operations.
To run his business, Syed Mokhtar employed Chinese as a manager. He offered Mr Yeoh a higher
salary from his previous company and add some incentive to raise Mr Yeohs interest. He
realized that he needs someone experienced like Mr Yeoh to run his transport business. He let Mr
Yeoh run the business while Syed Mokhtar managed the finances and also involved in operations
as well to learn the right way to decide on operational and financial decisions.
His next challenge, the rice trade. For him, the rice trade represented a natural progression of his
trucking business. He realized that he had the vehicles so why dont he involved in distributions
as well. Also, he realized about the firm grip of Chinese to Malaysian Economy. Most of the
Chinese came as economic immigrants and over the years establishing a strong business
networks. After all, he had some knowledge of the rice business and how the Chinese middlemen
operated. During early life, he used to observe how the Malays raised cattle and buffaloes for
sale to Chinese middlemen who sent the animals to slaughterhouse, then sold sold the meat back
to Malays. They bought cheap and sold at higher price. This is same as all agricultural products.
Syed Mokhtars grandfather owned several plots of paddy field. Syed Mokhtar applied for a rice
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trading license from Lembaga Padi dan Beras Negara (LPN). One important conditions of rice
trading license is he needed to own premises for rice storage and Syed Mokhtar had one which
he purchased from Urban Development Authority (UDA) in 1974. So he entitled for rice trading
license under name of Shah Enterprise Sdn Bhd. Next, he needed to build his own distribution
network. Syed Mokhtar found an ally in Padiberas Nasional Berhad, the offices in Alor Setar
went up to help him. The officer introduced Syed Mokhtar to two big timers of rice millers in
North. Then, they set up Bukhari Sdn Bhd with a capital of RM200,000. Syed Mokhtar held the
largest shares with 52% equity. The next 8 years from 1976 to 1983 was more grueling. When
Bukhary Sdn Bhd was established, there was one condition among the partners, the company
cannot enter the markets already controlled by any one of them, this means that Syed Mokhtar
need to start from scratch. Together, they mapped out the prospective Bukhary market. Bukhary
Sdn Bhd decided to target the middle men markets with direct sales. They chose to concentrate
on the southern states of Pahang and Johor, the two largest states in Peninsular, but hundred
miles away from the paddy growing states. They remained close to rice supplies that were
bought from Lembaga Padi Negara and Chinese millers. The rice repacked according to quality
and branded with names such as Burung, Daun and Keretapi. This branding comes from Syed
Mokhtar himself as he insisted to suggest the brand names and logos.
A typical itinerary was to drive about eight hours at night from Alor Setar to Ipoh, stay overnight
then cross Fraser Hill to reach Raub. Then they drove to Temerloh, Maran and Kuala Lipis
before moving south. They crossed into Johor through Mersing to Kluang, Batu Pahat, Pontian
and Johor Bahru. At each stop, they introduced themselves to retailers who ranged from sundry
shops to mini markets and usually won over their company competitive pricing, payment terms
and delivery schedule. By then, the implementation of New Economic Policy (NEP) had taken
off, and many government agencies were established to eradicate poverty and increase the sosioeconomic status of Malay. The government tried to make rice as affordable as it becomes a top
priority. Governmnent contracts meant regular cash flow as they involved bulk orders from
public agencies. So, Bukhary Sdn Bhd need to tender like everyone else. One of the best
contracts they had was with FELDA where Bukhary Sdn Bhd become one of the suppliers. Syed
Mokhtar also made inroads into government linked trading houses such as MARA Senama,
Sergam and Pernas Edar. Bukhary products were competitively priced and they become popular
and Pernas Edar began to sell several Bukhary brands. During these sales call, Syed Mokhtar
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made some important contacts. One of them was Muhyiddin Yassin, the managing director of
Sergam Sdn Bhd. They become good friends, and remain close till this day. Others is Syed
Razak, another Malay rice trader who become the Menteri Besar of Kedah (1999-2005), and
Shahidan Kasim, Menteri Besar of Perlis (1995-2008).
After one year in business, Bukhary Sdn Bhd secured 25% of government market and recorded a
turnover of RM1.2million a month. Within 15 month, the company was profitable and the road
trips continued. Every two months, Mokhtar and his partners would set out on their sales visit
using the same route, stops, reviewing business with existing clients while prospecting a new
one. This routine continued for consecutive 8 years. This is the traditional Chinese training for
start-up and Syed Mokhtar able to resist the great wall of resistance that he need to build around
the rice trade. Syed Mokhtar took calculated risk and weathered harsh conditions to push ahead
and he proved that he had a tenacity of relentless fighter.

CHAPTER 4 : KUALA LUMPUR BOUND

Syed Mokhtar was ready for new challenges, and his target now was to secure central
government contracts. As in many countries, federal governments is the largest buyer of goods
and services and in Malaysia, Federal Treasury is responsible for tendering and awarding
contracts to suppliers for array of goods and services required by department and agencies. Syed
Mokhtar recognized this as opportunity. He also recognized the reliability of supply and
competitive pricing were key to secure the central contracts. He had to compete with several
Chinese suppliers who had a good track records. Syed Mokhtar diversify into consumer goods to
secure as many contracts as possible. The Canton Fair 1977 was Syed Mokhtar first exposure to
international business. The Canton Fair is one of the largest trade fair in the world and it involves
barter contract exchanges. Bukhary become one of few Bumiputra companies to join official
government delegation led by Pernas Edar. The Canton Fair became a melting pot of Chinese
exporters and foreign importers. In 1977, Syed Mokhtar travelled to Hong Kong to attend the
fair. Syed Mokhtar was there to promote cocoa from Malaysia and buy broken orange pekoe
(BOP). Syed Mokhtar and partner negotiated with suppliers and succeeded in sealing a few
deals. Upon return to Malaysia, he put in a bid to supply tea at very competitive price to federal
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government. It was the first central government contract for Bukhary. He discovered then that the
government needed a lot of other things. Next few years, Sye Mokhtar teamed up with
international suppliers after another to bid for central government contracts in manufacturing
which resulted in improved profit margins as well as better control of supply chain made his bids
more competitive. That time, government was venturing into industrialization programme, led by
manufacturing and incentives were given to companies to set up manufacturing operations. The
biggest break came when Syed secured a contract from Ministry of Defence (Mindef) to supply
120,000 pairs of DMS safety shoes for the Malaysia army personnel. Given the size of the
contract, he decided that it was more profitable to undertake shoe manufacturing on his own. The
deliveries were made on time and the supply of army shoes continues till this day. Another
Mindef contract followed and this for 330,000 pairs of combat uniforms. Mindef contracts were
often crash programmes to overcome shortages, and typically had short delivery time. To meet
the deadline, Syed Mokhtar chose to sub-contract to Oriental Garments in Kajang on one
condition, upon the expiry of contract, the two companies would set up a joint venture. By the
age 30, Syed became a millionaire with several companies to his name. One of the first things he
did when he became a millionaire was to build a new home for his parent in Alor Star on land his
mother had inherited from her father. Then, he stepped up his donations to mosques in need of
renovation and many poor Muslims began to realize their dream of performing Hajj. Since
1990s, he has been sponsoring an average of 50 hajj pilgrims a year. Needy students found a
generous benefactor in Syed Mokhtar while the infirm had hope of medical treatment as a result
financial extended by him. For himself, he bought himself a bungalow in Kenny Hills suburb. It
cost RM800,000. However, he did not move into his bungalow. Instead he chose to live on top of
the floor of his building in Jalan Pahang. Even though he now took time to enjoy life, business
remained his priority. After more than 10 years, he hired a secretary for the first time.
In 1980, Malaysia Government implemented the cabotage policy, which restricts the
transportation of goods for domestic trade to ships flying the Malaysia flag. This was a part and
parcel of government policy of raising Malaysia profile as maritime nation. Shipping was an
entirely new venture for Syed, when he attended interview with Ministry of Transport, he was
dismissed as having no experience. He sought out officers there for advice on domestic trade,
shipping licenses, vessels for sale and other related matters. He received invaluable industry
insights from Principal Assistant Secretary Mohd Sidik Shaik Osman, who later became one of
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Syeds trusted aides. Within months, Syed became the owner of 28-year-old German ship named
Angsamas. He hired captain and crew, 70 percent of whom were Malaysian, a condition of
cabotage policy. Kontena Nasional awarded him contracts to ship rice from Thailand to East
Malaysia. On the return voyage, it carried logs.
In 1982, Syed ventured into property into property development in Kedah with his uncle Syed
Omar, who had been his foster father in Johor. They set up Bukhary Development Sdn Bhd, with
Syed holding a 70% stake. The first project was on 10 years of paddy land in Alor Star, behind
the present-day Albukhary Mosque near Jalan Langgar. He bought the land that belonged to a
family friend, and it was converted for residential use. Syed attended to every detail from land
conversion to application and approvals from various authorities the State Land Office to
National Electricity Board, Public Works Department (for road infrastructure) and
Telecommunications Department (for telephone lines). He engaged the architect who had
designed his bungalow. The result was Taman Mawar that consisted of 85 units of 3-bedrooms
terrace house marketed at RM88,000 each.

CHAPTER 5 : JOHOR BECKONS

The recession of 1985 took Syed Mokhtar by surprise. There was cash flow from the rice trade,
shoe and garment manufacturing but he suffered because of property development. While profit
margins were high, development cost were high too. He had to borrow big ad he had no choice
but cut losses and bow out from property development. The experience taught him one important
lesson: never take on anything beyond ones capacity. Next few years, he laid low but he was far
from idle. He decided to head to Johor. The agricultural potential of Johor did not escape Syed
Mokhtar. In 1988, he made a strategic move when he acquired land in Pengerang (between
Kluang and Kota Tinggi) from Kemajuan Johor Tenggara, better known as Kejora. A federal
government agency, Kejora was on the look-out for serious investor and planters especially
Bumiputera for commercial agriculture. Syed Mokhtar matched their profile. His move into
agriculture was calculated decision. Under Canton Fair barter exchange programme, Syed
supplied cocoa to China. He recognized that by growing the crop, he would have better control
of an important link of supply chain. Plans to grow cocoa were dashed when he learnt that the
6

land was unsuitable for it. The money was in oil palm. He had the land but no expertise to
cultivate oil palm. He sought the advise of Basir Ismail who was helming the Federal Industrial
Marketing Authority (FIMA). Basir recommended a partnership with plantation tycoon Lee Loy
Sengs son Lee Ooi Hian.
In his inimitable hands-on style, Syed became a familiar figure on the site. He would drop by to
learn the ropes of oil palm cultivation. He was familiar with rubber, having helped his father with
rubber replanting when their cattle trade failed. The joint venture flourished, no doubt due to
transparency between the two parties. Accounts were submitted every quarter, and each partner
kept track of the progress. Till this day, the plantation is being harvested with successive
replanting and upgrading to obtain better yields and profits. The success of this venture was the
beginning of a string of investments in oil palm plantations. Eventually, Syed struck out on his
own, backed by expertise, cash flow and bank borrowings. Over the next few years, he continued
to build a strong relationship with Kejora, buying land from them and turning them into
profitable plantations.
Meanwhile, he went on land acquisition trail, transforming underperforming estates into thriving
plantations and reinvesting the profits in private commercial, industrial and residential property
development that included the community facilities. As usual he approached business with profit
and public benefit in mind. He teamed up with well-established developers such as Asiatic
Development (a subsidiary of Genting Group) and IOI Properties and they proved to be
successful ventures. He also volunteered to build public facilities that would improved the
quality of life of residents. Syed who had exited from property development due to recession in
1985, was back at it within a few years.

CHAPTER 6 : CORPORATE PLAYER

Syed Mokhtar was on a roll. His business in Kedah, Kuala Lumpur and Johor were performing
well and he had the financial resources to venture out and invest in the corporate market. He
asked his old friend, Peter Chong, chartered accountant and auditor to recommend companies on
their way to public listing. One of the listing requirements on Kuala Lumpur Stock Exchange is
the 30% allocation of shares for Bumiputeras. This was to be offered at a fair price to encourage
7

Bumiputera to take up share issue. Syed sought to take advantage. Syed Mokhtar introduced to
free retailer Sriwani Sdn Bhd who was looking for a reliable bumiputera partner for his company
that was on its way to being listed. Syed met his expectation and Sriwani became the first public
listed company in which Syeed had a significant stake.
By 1995, Syed was a shareholder in about 15 public listed companies. It was a pretty mixed
portfolio ranging from garments to food, manufacturing and construction. The 1990s were also
the heyday of privatization when several government entities were transferred to private hands.
Syed Mokhtar made his debut in a familiar territory, plantation agriculture. The opportunity
presented itself when the states plantation agency, Kejora, decided to privatize its commercial
arm in 1995. Syed Mokhtar was one of the three bidders and he won. Next, he was awarded the
privatization of Johor Port, a multipurpose port that he won on the strength of a unique
preposition that took everyone, especially his competitors by surprise. His proposals was for two
ports take over the management and operations of Johor Port as per the terms of reference
AND an offer to build a second full-fledged container port at his cost. The second port was to be
built at Tanjung Pelepas, 90km away from Johor Port. Syed proposition dovetailed with the
national agenda to become a maritime nation. Syed also won the first privatized water supply
project in the country that was awarded to Equiventures, a consortium of companies.
On Thursday, 16 January 1997, Syed entered the office of prime minister Dr Mahathir Mohamad
at the home ministry in Kuala Lumpur. His appointment was for half an hour. He presented his
business and building plans for a new project in Alor Setar: Phase 1 of what later named as the
Kompleks Ilmu Sharifah Rokiah, a sprawling development with a mosque and health & welfare
facilities for the hardcore poor as well as an international university for disadvantaged
communities around the world. But, Dr Mahathir just listened without saying a word. Syed left
unanswered. Then he flew off to Makkah to perform the Umrah, with no idea of how he had
feared. A few days after his return from Makkah, Syed received a telephone call from Prime
Minister Office early in the morning and he received simple message said that his proposal to
Prime Minister was accepted. Afterwards, work began on the Albukhary Mosque, the first
structure to be built at the Kompleks Ilmu Sharifah Rokiah. Syed had remained a Dr Mahathir
loyalist since the first day they first met. Dr Mahathir observes that Syed Mokhtar prefers to give
away money to charity. When Dr Mahathir ask for donations, he is always willing. Dr Mahathir
8

felt that other wealthy business are more selective in their charitable work, and only respond to
requests but different for Syed Mokhtar, his charitable foundation initiated a tuition programme
for poor rural children and it also provides scholarship for poor foreign students studying here.

CHAPTER 7 : WHEN THE HEART MOVES

Almost every year, Syeds charitable Albukhary Foundation hosts two iftar or fast breaking
dinners. One is held at the Islamic Arts Museum Malaysia in Kuala Lumpur, and the other at the
Kompleks Ilmu Sharifah Rokiah in Alor Star. As a custom, gift packages are distributed to guests
the old, the infirm, single mothers, the handicapped, orphans and students. Syed Mokhtar says
he grew up in an environment of give and take. It is about the community and not the individual.
At times, he sacrificed profit to meet community needs. Charity became the cornerstone of his
business world. The more his business prospered, the more he gave away for mosques to be
renovated or built, for poor Muslims to fulfill their dream of performing the Hajj, for the needy
to receive medical treatment and pursue their education. Whenever he give something to charity,
his heart moves. It is not about corporate social responsibility, it is the simple act of caring
someone less fortunate then yourself.
In 1996, Syed incorporated the Albukhary Foundation to institutionalize his charitable activities,
until the sporadic contributions to ad hoc requests. Founded on the principle of Taqwa and
Ehsan, the foundation focuses on religion, education and health and welfare initiatives that have
become increasingly customized to suit different groups. The foundation currently has a few
flagship projects. The Islamic Arts Museum Malaysia, built in 1998, promotes an understanding
and appreciation of Islamic Arts among Muslims and non Muslims. The museum organizes
exhibitions either on its own or in collaboration with other renowned international museums and
has become popular tourist attraction in Kuala Lumpur.
The Albukhary Foundation awards scholarship that have supported students from more than 50
countries. Initially, they were placed in public universities such as UIA while waiting the
construction of Albukhary International University in Alor Star. In November 2010, the Alor Star
campus was ready and it receives its first batch of undergraduates. This university can
accommodate 3300 undergraduates and initially it offers degree programmes in business studies,
9

IT & communications and humanities & social sciences. Today, the foundation is an international
charity, with a presence in almost every continent. It has partnered non-government and
voluntary organisations to improve living conditions among communities wracked by the endless
cycle of poverty and natural calamities. Syed remains humble, unaffected by the recognition. His
prevent hope is that those with money, will also be guided to do their bit so that the world will be
a fairer place for the less fortunate.

CHAPTER 8 : PICKING UP THE PIECES

For 10 years between 1988 and 1997, the Tiger Nations roared. Their economics recorded
phenomenal growth, their stock markets soared to dizzying heights, and banks were generous
with lenders. The construction industries boomed, privatization of public services became the
order of the day. Then, the bubble burst in July 1997. Capitalism reared in its ugly head. Called
the Asian Economic Crisis, it saw many Asian economies screeching to a grinding halt. It began
with devaluation of the Thai baht, followed in quick succession by the Philippine peso, Malaysia
ringgit, Indonesian rupiah and Singapore dollar. Then the Hong Kong stock market collapsed and
other Asian bourses fell like dominos. The shocks waves were felt as far as Latin America.
Government and business communities found themselves staring down the raising debt. Many
were caught dead in their tracks amidst strategic projects initiated during good times. With
devalued currencies, debt servicing became a nightmare. Big business went bankrupt and the
impact cascaded down to Main Street. Syed Mokhtar floundered. His assets shrank from RM3
billion to RM600 million as a result of the crisis. One strategic asset that suffered a setback was
the Port of Tanjung Pelepas. Construction began in 1996 and when the crisis struck, the RM2
billion development flattered. Syed began shopping for investors and he decided to offer the
government a 40% stake to sustain the project. The stake was taken up by government
investment arm Khazanah Nasional. Syed sought out main line operators to partner him for the
ambitious Port of Tanjung Pelepas, develop to complement and compete with the Port of
Singapore. In 20000, he struck big when he successfully negotiate with Maersk to sell the Danish
shipper a 30% interest in the port. It was a deal that shook up Singapore and the shift by Maersk
followed by big names such as Evergreen of Taiwan and CMA CGM of France.

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Syed Mokhtar was one of few bumiputera survivors of Asian Economic Crisis. He did not belong
to the class of well-educated Malay groomed by the government as captains of industry. Syed
Mokhtar proved that his years of experience in the field given him the rapier sharp edge to
overcome the impact of brutal crash that floored mightier Bumiputeras. By the end of
millennium, he was back on his feet and his star was clearly on the ascendancy.

CHAPTER 9 : MAKING IT BIG

Syed Mokhtar began the new millennium with a bang. In July 2000, the businessman was thrust
into the limelight when the acquisition of Malaysia Mining Corporation Berhad was traced back
to him. Since the collapse of the industry, it was rudderless and looking for a new direction. He
rattled investment circles by injecting into MMC his top performing companies, progressively
increasing his equity. The move also left everyone guessing of his game plan. In 2002, he
stumped the business community again when he acquired the PERNAS, again paying a premium
for the shares. PERNAS was then a government entity, established in 1974 to promote
bumiputera participation in the economy. Two years later, in 2004, Syed Mokhtar fought hard
and won another conglomerate, DRB-HICOM in a highly charged clash of the titans Syed
Mokhtar vs Nasimuddin SM Amin of the Naza Group that had all the ingredients of a Wall
Street takeover drama. DRB-HICOM was another public listed investment holding group,
established to realize the governments agenda for heavy industrialization. By end of 2004, Syed
Mokhtar emerged as the controlling stakeholder of 3 premier Malaysian conglomerates. He
became the most celebrated bumiputera businessman, with interest in key sectors of the
Malaysian economy.

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CHAPTER 10 : SPREADING HIS WINGS

In October 2003, Dr Mahathir Mohamad stepped down as the fourth prime minister of Malaysia.
His successor Abdullah Ahmad Badawi was a man of his choice. Within month of taking office,
Abdullah Ahmad Badawi shelved several infrastructure projects envisioned by his predecessor.
Abdullahs reason was the country could not afford them and the decision caught many surprise,
most of all by Dr Mahathir Mohamad. Syed Mokhtar however remained loyal to his mentor, Dr
Mahathir. Labelled a Dr Mahathir Mohammad as ally, Syed Mokhtar found himself increasingly
distanced from the new leadership. Syed Mokhtar was dealt with severe blows, one after another.
First, Abdullah Ahmad Badawi ditched the unfinished Bakun dam, a multi-billion hydro electric
project in Sarawak. Next, he called off Malaysias biggest public works contract to upgrade the
railway system. The project had been awarded to Syed Mokhtar during Dr Mahathir terms in
office. In addition, Syed Moktars ambitious plan to divert some air traffic from Singapores
Changi to Johor Bahrus Senai International Airport through an upgraded system of road, rails
and air links stonewalled. Abdullah Ahmad Badawi sought a new era of bilateral ties with
Singapore, and did not wish to upset the neighbor, unlike Dr Mahathir Mohamad. There were no
longer many good pickings on the domestic scene. Syed Mokhtar planned to expand his business
to oversea and he already had a platform for this which is MMC Corporation Berhad that had
been restructured as a transport & logistics, power & utitilities, and engineering & construction
conglomerate. It was now ready to participate in international bid. His first target was Gulf states
that were undergoing an unprecedented construction boom. He had a strong stable of companies
specializing in infrastructure development. They had the knowledge, expertise and recent
experience to give them the edge to build world class facilities on competitive bid. The epicenter
of the 2000s construction boom was the Emirate of Dubai and Syed Mokhtar made a beeline for
it. His credibility was enhanced by his close ties with two prominent men who commanded a lot
of respect in Middle East. One was the influential Ali Alabbar, the Director General of the Dubai
Department of Economic Development and Chairman of Emaar Properties. The other was Dr
Mahathir Mohamad, where in Middle East he was admired. In February 2003, Syed Mokhtar and
Mohamad Ali Alabbar formed a 50:50 investment company named Gulf International
Corporation Holdings Sdn Bhd. There was to be cross investments by the partners using GIIC as
the vehicle to explore opportunities in aluminium extraction and processing, power generation,
utilities, financing, real estate development as well as in other fast growing sectors in Southeast
12

Asia and the Middle East. The GIIC partnership did not pan out but it did not mean the end of the
road for them. Their faith in each other has laid the foundation for an ambitious new business
venture, a 50:50 joint venture partnership in Africa Middle East Resource (AMER) that is
headquartered in Dubai. AMER was specialized in mining and oil& gas. It is currently active in
Africa in resources such as gold, bauxite, iron ore, diamond and coal.
Al Dabbagh, the governor and chairman of the Saudi Arabian General Investment Authority
(SAGIA), met Syed Mokhtar in 2005 while looking for potential developers for the Jazan
Economic City Project. The appointment of MMC Corporation Berhad as the joint developer of
Jazan Economic City was an unparalleled achievement for Syed Mokhtar. Jazan Economic City
is one of four integrated economic cities envisioned to propel the kingdom into its next stage of
development by 202. Alabbars Emar Properties-led consortium was awarded the King Abdullah
Economic City. SAGIA aims to attract investment to these economic cities, based on the
proposition that Saudi Arabia is the global capital of energy and a major industrial hub between
East and the West. MMC was also awarded an interest in the third container terminal project at
Jeddah Islamic Port.
Al Dabbagh was impressed with the progress at Jazan and within a year of the inauguration of
Jazan Economic City, construction was already underway and deals had been closed on a power
plant and two aluminium smelters and a total invested capital of USD20 billion had already
committed. Among the new industries that would be set up were the port, a steel cluster, an oil
refinery, and secondary industries such as automotive and shipbuilding industries. However, the
2008 global economic meltdown unfortunately slowed progress with Jazan development. Syed
Mokhtar was back in the running for big scale projects in Malaysia.

13

CHAPTER 11 : THE MEDIA

From 2000, Syed Mokhtar became a news maker. He also came under media scrutiny.
Newspaper in Malaysia are mainly owned by political parties and Syed feel victimized in
reference to the UMNO newspaper The New Straits Times that undermined his during the term
of Prime Minister Abdullah Badawi. The media frequently attributes Syed Mokhtars success to
the patronage of Dr Mahathir Mohamad. He also hurt by the perception that the acquisition of
MMC, PERNAS and DRB-HICOM was easy. People dont realize how difficult and how hard
he fight to get them. Another common criticism is that the share holding structure of his
companies could not be traced to him. A touchy subject is related party transactions and Syed
Mokhtar countered that his public listed companies are about wealth creation for all stakeholders
the staff, investors, shareholders and the community. Against the advice of his accountants,
Syed Mokhtar injected his prize assets such as Johor Port into MMC and share prices went up.
According to one of his financial advisors, Syed Mokhtar has no hidden stash of money.

CHAPTER 12 : FAMILY MAN

Syed Mokhtar works from home and is disciplined. He does not mix work with family life. His
office is in a separate wing, where he meets with staff and business guest. The children do not
interrupt him there. After evening prayers and dinner with family, he leaves home to meet with
professionals who run his companies. Typically the meetings start at 10pm and finish at 3 am and
it is held seven days a week when he is in town. This has been his routine for more than 20 years.
Fortunately, his wife comes from a business family and understand this. Initially, he had to
explain the arrangement to her and she accepted it.
Syed Mokhtar married in 1992 at the age of 41. His bride was 24-years old Sharifah Zarah, his
cousin, the daughter of his uncle, Syed Kechik. For him, he was married late because marriage
was the furthest thing on his mind when he was 20s and 30s. He had family commitments and he
wanted to focus on his business. When he in his 20s and 30s, he received many proposals of
marriage that were made to his family.

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His wife, Sharifah Zarah, when she returned from her studies, his grandmother prompted Syed
Mokhtar to pursue her again. And on August 1992, they were married and wedding celebration
were held in his hometown of Alor Star, Kuala Lumpur and Johor Bahru. The akad nikah or
marriage solemnization was held at his home in Alor Star, attended by thousands of villagers
who have known the family for decades. The newlyweds flew to Florence for their honeymoon
which was organized by his brother, Syed Mohamad, who lives there. Then, the couple moved
into their matrimonial home in Kenny Hills, Syed Mokhtars bungalow in Kuala Lumpur.
Sharifah Zarah and Syed Mokhtar are devoted parents. Their children are not left in care of
maids. Each child was breastfed until he or she was two and Sharifah attends to their need
personally. There was no maid in attendance.
Family holidays are a must in the Syed Mokhtar household because it is the only time the wife
and children have Syed Mokhtar to themselves for 24 hours. Their favorite destinations is Japan.
They love the Japanese culture. For them, the Japanese are polite they greet each other when
they meet, they queue up for their turn and the scenery in Japan is beautiful, especially in spring
and autumn.

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CONCLUSION
There are a lot to be said about Bumiputera tycoon in Malaysia which is Tan Sri Syed Mokhtar
Albukhary. He becomes the richest Bumiputera in Malaysia with his assets worth around RM
167 billion. His name is very famous in country and to outsiders. He holds the shares in a lot of
field including transportation and logistics, agriculture, property development, defence and
energy generation, he can be symbolized as the man with philosophy of the level of education
does not determine the success of the man in life, but the hardwork is.
Syed Mokhar was born in middle class family in northern Malaysia. Before he made decision to
stay in Kedah, his father travelled to South East Asia to do business. Because of his not really
rich family background, Syed Mokhtar need to work in his early life, at the same time he was in
study.
Eventhough he is the respected businessmen, his humbleness made him to not ever forget to
become grateful for all the wealth given by Allah s.w.t. Syed Mokhtar always reminds that we
need to be careful for all the wealth that we have. Sometimes, the wealth that we have can
poisoning us. He built Yayasan Al Bukhary to place the excess of the wealth that he think can
destroy him. Until now, Yayasan Al Bukhary spent around RM 300 millions for religious matter,
art and education. Besides, Yayasan Al Bukhary also sponsor poor student. One of the initiatives
was sponsoring of poor students come from around ASEAN to study in Malaysia.
Syed Mokhtar is the man who never and ever knows what is a failure and he always want to
learn from whatever mistakes he have done. He also always careful in his business especially in
term of buying and takeover the hold in any company or project. He always regards the
importance of another people especially Bumiputera before he made any important decision in
business. He holds a quality value that should be followed by us.

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