KUALA LUMPUR (Reuters) – A group of Middle Eastern firms will invest at least 5 billion ringgit ($1.4 billion) in oil and gas, Islamic banking and property projects in Malaysia, a newspaper reported on Saturday.

The consortium would be led by Qatar General Insurance and Reinsurance Company, Gulf Petroleum Ltd Qatar and investment and banking firms from Saudi Arabia, Kuwait, Bahrain and the United Arab Emirates, the New Straits Times said quoting a statement released through legal firm Azmi Abdullah & Co.

Qatar General Insurance chairman Sheikh Nasser Ali Saud Al-Thani said the group had started talks with relevant parties in Malaysia and neighbouring countries for oil and gas projects.

“We have also started negotiations in the acquisition of equity stakes in financial institutions, acquisition of landed properties and office towers,” Sheikh Nasser was quoted as saying.

“The consortium is planning to make Malaysia their regional hub for Asia-Pacific operations.”

He said several deals would be signed on Monday in the Malaysian capital.

Azmi Abdullah & Co could not be reached for comment.