realestate.com.kh Report Description 11th June 2025 (online) Understanding the structure, obligations, exemptions and future reforms of Cambodia’s property taxation system is essential for informed investment planning, and this comprehensive article from realestate.com.kh  provides a clear, practical overview. Summary The Transfer Tax (Stamp Duty)  applies at 4% of the property’s assessed value, with exemptions for relatives and certain government-supported incentives. Annual Tax on Immovable Property  is charged at 0.1% on property values exceeding USD $25,000, with multiple exemptions for agricultural land and Special Economic Zones. Tax relief measures for properties valued at or below USD $70,000 are extended until 2025 to support market activity. Unused Land Tax is imposed at 2% of the land’s market value for undeveloped plots exceeding 5 hectares. The standard ToIP formula deducts USD $25,000 from 80% of the tax base before applying the 0.1% rate. Capital Gains Tax , set at 20%, has been postponed until 2026, with deductions allowed through either an 80% flat deduction or documented expense method. Rental income tax is levied at 10% of gross rental receipts for lease-registered properties, although enforcement for private landlords remains low. About realestate.com.kh realestate.com.kh  is one of Cambodia’s leading online property marketplaces and research platforms, providing market data, news and analysis to support buyers, sellers and investors. The organisation offers property listings, advisory content and digital tools that strengthen transparency and informed decision-making across the sector. Established in 2009, realestate.com.kh continues to play a central role in improving access to real estate information throughout the Kingdom. Website : realestate.com.kh

Combining Strategic Vision with Hands-On Operational Leadership Daniel Simon, a seasoned hospitality professional from Sweden, brings over 30 years of global experience to his role as Managing Director at Rosewood Phnom Penh. His career spans 11 cities across the United States, Southeast Asia, Canada, and Australia, reflecting a deep commitment to luxury service and cultural immersion After serving as a logistics officer in the Swedish Army, Daniel began his hospitality journey with Four Seasons Hotels & Resorts. He held key positions such as Director of Food & Beverage at Four Seasons Resorts Bali and General Manager at Four Seasons Hotel Tokyo, honing his leadership skills in diverse cultural and economic environments. Daniel's impressive resume also includes significant experience in the cruise industry, having worked as Hotel Director for Celebrity Cruises. In this role, he traversed the oceans of Asia, Alaska, the Caribbean, and Europe, elevating guest experiences along the way.  Upon leaving the cruise industry, Daniel joined W Koh Samui as General Manager before relocating to Bangkok to lead Anantara Siam Bangkok Hotel. There, he developed a profound appreciation for Thailand's diverse culinary offerings, from street food to Michelin-starred dining. In 2021, Daniel took the helm at Rosewood Phnom Penh, located atop the iconic Vattanac Capital Tower. Under his leadership, the hotel has garnered accolades, including recognition in the Travel + Leisure Luxury Awards Asia Pacific 2024.  Daniel emphasizes sustainability and local engagement, exemplified by initiatives like the ecoSPIRITS partnership, which introduced Cambodia's first closed-loop cocktail program at the hotel's Sora Sky Bar.  Daniel holds a bachelor's degree from the Conrad N. Hilton College of Hotel and Restaurant Management at the University of Houston. His leadership at Rosewood Phnom Penh continues to set new benchmarks in luxury hospitality, blending global standards with local cultural richness

Joint Asian Development Enterprises (JADE) December 2023   Tough Times Can Also Bring Opportunities Country Insights “I came to Cambodia in 2009 to work as the Chief Operating Officer in ANZ Royal Bank and have enjoyed my life in Cambodia ever since due to the people, culture, variety of food and the strong economic growth that has occurred since. This continues to make Phnom Penh a better place to live each year. Currently, I’m Director of Joint Asian Development Enterprises.” Phnom Penh has changed considerably with the restoration of some wonderful historical sites, become cleaner, better office and shopping environment, increase in the quality of life and education, and continues to remain safe.​​ Sustained Growth​ Cambodia has a great base for ongoing economic development due to past investment, the drive of its people, and the new dynamic government, but global issues have and will continue to dampen past GDP growth rates. The biggest risk is the tightening of liquidity in the market which will impact some projects and industries.​ Financial services was the standout sector for many years, and of course garment/textiles is always a big contributor. I expect to see tourism make a slow return, and agriculture will be a major opportunity in the next 5 years. ​Cambodia is disadvantaged by the USD and its strength when compared to our neighbours, so we need to ensure a reduction in border costs and improved productivity to get one step ahead. Regional Competition​ Cambodia has been a leader in ASEAN with regards to GDP growth and an attractive Investment Policy, so expect Cambodia to continue to attract international FDI. Naturally, the ASEAN Summit in late 2022 and the ASEAN Games has brought Cambodia onto a wider international stage.​ FDI has been a critical contributor to Cambodia over the years, although it has declined due to COVID and more recently due to global woes. That said, the base of international investors continues to expand which supports Cambodia as being an investment choice of many nationalities. 2024 will see an increase in FDI due to ongoing Government polices around investment and PPPs, and as the international community continues to gain comfort around the new Government under Prime Minister HUN Manet.​ My thinking at present is that tough times also​ bring opportunities, and sometimes assets are better in the hands of another who can do something better with them.​ ​ Looking Ahead​ With a country that has a young population, plenty of land and water, opportunities continue to exist, and this has been evident over the past 10 years. The investment space is very transparent; Cambodia has a golden era ahead, although a bit slower growth than was once thought.​   About Paul Clements Originally from Australia, Paul Clements is Managing Partner of Joint Asian Development Enterprises (JADE) and became Chair of the International Business Chamber of Cambodia (IBC) in June, 2020. With over three decades of experience in the banking sector, Clements has held senior roles in institutions including ANZ Royal Bank, MekongBank and EnviroCam/HCC. His expertise spans Relationship Banking, Investment Banking, Risk, Operations and Transformation. Currently, he is involved in consulting across various sectors and holds directorship positions in companies including WorldBridge Outsourcing Solutions Co., Ltd, JTrust Royal Bank, Royal railway Co. Ltd., Cellcard and Royal Group securities. He is married with two children.

Showcasing global voices making deep, lasting impact in Cambodia. Cambodia’s evolving landscape in 2024 continues to be shaped by a diverse group of international leaders who have made the Kingdom their base for impact, innovation, and long-term commitment. The 50 International Leaders in Cambodia, 2024  list recognises the exceptional individuals from around the world who are contributing to the country’s growth across key sectors—whether leading multinational companies, advancing education and sustainability, strengthening diplomatic ties, or supporting grassroots development. These leaders exemplify the spirit of collaboration and resilience, and their stories reflect the increasingly global character of Cambodia’s progress.

In a time of regional transformation and global uncertainty, Cambodia continues to attract and inspire a dynamic community of international leaders who are shaping the country’s future across business, education, diplomacy, and development. The 50 International Leaders in Cambodia, 2025  list celebrates the individuals whose vision, commitment, and influence are driving meaningful progress in sectors ranging from finance and infrastructure to social impact and innovation. These leaders, drawn from across continents, have not only chosen to build their careers in Cambodia, but have also invested in its people, championed inclusive growth, and contributed to Cambodia’s growing regional relevance. This list is both a recognition of their contributions and a reflection of Cambodia’s openness to global talent and collaboration.

Moved to: University of Puthisastra Moved from: EnergyLab Stephen Higgins, Managing Partner at Mekong Strategic Capital Congratulations to Dr. Michael Renfrew on His New Role at the University of Puthisastra. We extend our warmest congratulations to Dr. Michael Renfrew on his recent appointment as Director of Research at the University of Puthisastra (UP) in Phnom Penh. This transition marks a significant milestone in his professional journey and reflects his unwavering dedication to sustainable development, innovation, and academic excellence in Cambodia. Reflecting on His Transformative Tenure at EnergyLab Cambodia Dr. Renfrew joined EnergyLab Cambodia in January 2023, where he played a vital role in shaping the clean energy landscape as Program Lead and later as Operations and Program Lead. During his time with the organization, he became a driving force behind several impactful initiatives that directly contributed to Cambodia’s ambitious climate and energy goals. He was instrumental in supporting the nation’s aim to achieve 70% renewable energy in its national grid by 2030. His work extended far beyond internal strategy—he engaged with stakeholders across government, private sector, and civil society to ensure that policy developments, particularly around electric mobility, were grounded in both research and practical implementation. One of the highlights of his work was the contribution to the National Electric Vehicle Roadmap, a forward-looking document that aligns with Cambodia’s broader sustainability objectives. Michael also championed public engagement and awareness through key events such as Clean Energy Week and the Electric Mobility Showcase. These platforms brought together innovators, investors, policymakers, and academics to share knowledge, build connections, and spark new ideas. Under his leadership, EnergyLab released its first Fellowship Report, which offered a critical analysis of Cambodia’s energy future and highlighted pathways to reduce dependency on imported fossil fuels while boosting local innovation. Through this combination of policy input, public engagement, and evidence-based research, Dr. Renfrew helped elevate EnergyLab Cambodia’s profile as a leading voice in the region’s energy transition efforts. His departure leaves a legacy of thoughtful leadership and systems-level thinking that will continue to influence the sector long after his tenure. Stepping into a New Role at the University of Puthisastra In early 2025, Dr. Renfrew embraced an exciting new challenge as Director of Research at the University of Puthisastra, one of Cambodia’s leading institutions in health sciences, technology, and innovation. His appointment marks an important step in UP’s continued commitment to expanding its academic reputation and research footprint in Southeast Asia. As Director of Research, Michael is tasked with strengthening the university’s research capabilities across faculties, supporting the development of academic publications, and fostering a culture of inquiry, collaboration, and innovation. His leadership is expected to bring structure and inspiration to research practices, ensuring they meet international standards while remaining locally relevant. In his new role, he will also play a key role in mentoring young researchers, developing interdisciplinary projects, and forging partnerships with external institutions and donors. The University of Puthisastra has positioned itself as a hub for Cambodia’s next generation of health professionals, IT specialists, and researchers, and Michael’s vision aligns closely with this mission. His experience at the intersection of academia, policy, and sustainable development makes him ideally suited to guide the university’s research strategy through a period of growth and global engagement. In a recent internal communication, UP noted that his appointment is already inspiring renewed focus on research quality, peer-reviewed publication, and international collaboration. His presence at the university is expected to raise both its regional visibility and the impact of its knowledge production, reinforcing its identity as a thought leader in health and science education. A Journey Marked by Impact and Integrity Dr. Michael Renfrew’s professional path has been shaped by a deep commitment to using knowledge and collaboration as tools for social progress. From his early academic pursuits through to his influential work in the energy and sustainability sectors, he has consistently demonstrated a rare ability to connect strategy with implementation, and ambition with humility. His time at EnergyLab showcased his strengths in both thought leadership and operational execution—qualities that will serve him well as he takes on a broader institutional role at UP. His efforts to build inclusive, forward-thinking programs have not only advanced specific agendas like clean energy adoption or electric mobility, but also empowered Cambodian professionals to become agents of change in their own right. Moving into higher education leadership at a time when Cambodia is positioning itself as a regional knowledge economy, Michael’s arrival at the University of Puthisastra is especially timely. He brings with him a fresh, systems-oriented perspective that is grounded in real-world challenges and opportunities. His work is likely to influence research not only within the university but also across Cambodia’s broader academic and development ecosystem. In celebrating this professional transition, we also celebrate the larger journey—a commitment to capacity building, sustainable development, and evidence-based practice. As he bridges the gap between applied innovation and academic inquiry, Dr. Renfrew is helping define a new model of leadership for Cambodia: one that is rigorous, collaborative, and relentlessly focused on impact. Final Thoughts We commend Dr. Michael Renfrew for his outstanding contributions at EnergyLab Cambodia and enthusiastically welcome his next chapter at the University of Puthisastra. His leadership, intellect, and vision have already left a meaningful mark on Cambodia’s clean energy sector, and we are confident that his role in research leadership at UP will be equally transformative. The intersection of academic research and sustainable innovation is where many of the region’s most pressing challenges will be addressed in the years ahead. With Michael at the helm of UP’s research division, there is every reason to expect exciting developments that benefit students, communities, and the country as a whole. We wish him every success in his new role and look forward to following the continued evolution of his impactful career.

Moved to: University of Puthisastra Moved from: EnergyLab Stephen Higgins, Managing Partner at Mekong Strategic Capital Congratulations to Dr. Michael Renfrew on His New Role at the University of Puthisastra. We extend our warmest congratulations to Dr. Michael Renfrew on his recent appointment as Director of Research at the University of Puthisastra (UP) in Phnom Penh. This transition marks a significant milestone in his professional journey and reflects his unwavering dedication to sustainable development, innovation, and academic excellence in Cambodia. Reflecting on His Transformative Tenure at EnergyLab Cambodia Dr. Renfrew joined EnergyLab Cambodia in January 2023, where he played a vital role in shaping the clean energy landscape as Program Lead and later as Operations and Program Lead. During his time with the organization, he became a driving force behind several impactful initiatives that directly contributed to Cambodia’s ambitious climate and energy goals. He was instrumental in supporting the nation’s aim to achieve 70% renewable energy in its national grid by 2030. His work extended far beyond internal strategy—he engaged with stakeholders across government, private sector, and civil society to ensure that policy developments, particularly around electric mobility, were grounded in both research and practical implementation. One of the highlights of his work was the contribution to the National Electric Vehicle Roadmap, a forward-looking document that aligns with Cambodia’s broader sustainability objectives. Michael also championed public engagement and awareness through key events such as Clean Energy Week and the Electric Mobility Showcase. These platforms brought together innovators, investors, policymakers, and academics to share knowledge, build connections, and spark new ideas. Under his leadership, EnergyLab released its first Fellowship Report, which offered a critical analysis of Cambodia’s energy future and highlighted pathways to reduce dependency on imported fossil fuels while boosting local innovation. Through this combination of policy input, public engagement, and evidence-based research, Dr. Renfrew helped elevate EnergyLab Cambodia’s profile as a leading voice in the region’s energy transition efforts. His departure leaves a legacy of thoughtful leadership and systems-level thinking that will continue to influence the sector long after his tenure. Stepping into a New Role at the University of Puthisastra In early 2025, Dr. Renfrew embraced an exciting new challenge as Director of Research at the University of Puthisastra, one of Cambodia’s leading institutions in health sciences, technology, and innovation. His appointment marks an important step in UP’s continued commitment to expanding its academic reputation and research footprint in Southeast Asia. As Director of Research, Michael is tasked with strengthening the university’s research capabilities across faculties, supporting the development of academic publications, and fostering a culture of inquiry, collaboration, and innovation. His leadership is expected to bring structure and inspiration to research practices, ensuring they meet international standards while remaining locally relevant. In his new role, he will also play a key role in mentoring young researchers, developing interdisciplinary projects, and forging partnerships with external institutions and donors. The University of Puthisastra has positioned itself as a hub for Cambodia’s next generation of health professionals, IT specialists, and researchers, and Michael’s vision aligns closely with this mission. His experience at the intersection of academia, policy, and sustainable development makes him ideally suited to guide the university’s research strategy through a period of growth and global engagement. In a recent internal communication, UP noted that his appointment is already inspiring renewed focus on research quality, peer-reviewed publication, and international collaboration. His presence at the university is expected to raise both its regional visibility and the impact of its knowledge production, reinforcing its identity as a thought leader in health and science education. A Journey Marked by Impact and Integrity Dr. Michael Renfrew’s professional path has been shaped by a deep commitment to using knowledge and collaboration as tools for social progress. From his early academic pursuits through to his influential work in the energy and sustainability sectors, he has consistently demonstrated a rare ability to connect strategy with implementation, and ambition with humility. His time at EnergyLab showcased his strengths in both thought leadership and operational execution—qualities that will serve him well as he takes on a broader institutional role at UP. His efforts to build inclusive, forward-thinking programs have not only advanced specific agendas like clean energy adoption or electric mobility, but also empowered Cambodian professionals to become agents of change in their own right. Moving into higher education leadership at a time when Cambodia is positioning itself as a regional knowledge economy, Michael’s arrival at the University of Puthisastra is especially timely. He brings with him a fresh, systems-oriented perspective that is grounded in real-world challenges and opportunities. His work is likely to influence research not only within the university but also across Cambodia’s broader academic and development ecosystem. In celebrating this professional transition, we also celebrate the larger journey—a commitment to capacity building, sustainable development, and evidence-based practice. As he bridges the gap between applied innovation and academic inquiry, Dr. Renfrew is helping define a new model of leadership for Cambodia: one that is rigorous, collaborative, and relentlessly focused on impact. Final Thoughts We commend Dr. Michael Renfrew for his outstanding contributions at EnergyLab Cambodia and enthusiastically welcome his next chapter at the University of Puthisastra. His leadership, intellect, and vision have already left a meaningful mark on Cambodia’s clean energy sector, and we are confident that his role in research leadership at UP will be equally transformative. The intersection of academic research and sustainable innovation is where many of the region’s most pressing challenges will be addressed in the years ahead. With Michael at the helm of UP’s research division, there is every reason to expect exciting developments that benefit students, communities, and the country as a whole. We wish him every success in his new role and look forward to following the continued evolution of his impactful career.

Moved to: University of Puthisastra Moved from: EnergyLab Stephen Higgins, Managing Partner at Mekong Strategic Capital Congratulations to Dr. Michael Renfrew on His New Role at the University of Puthisastra. We extend our warmest congratulations to Dr. Michael Renfrew on his recent appointment as Director of Research at the University of Puthisastra (UP) in Phnom Penh. This transition marks a significant milestone in his professional journey and reflects his unwavering dedication to sustainable development, innovation, and academic excellence in Cambodia. Reflecting on His Transformative Tenure at EnergyLab Cambodia Dr. Renfrew joined EnergyLab Cambodia in January 2023, where he played a vital role in shaping the clean energy landscape as Program Lead and later as Operations and Program Lead. During his time with the organization, he became a driving force behind several impactful initiatives that directly contributed to Cambodia’s ambitious climate and energy goals. He was instrumental in supporting the nation’s aim to achieve 70% renewable energy in its national grid by 2030. His work extended far beyond internal strategy—he engaged with stakeholders across government, private sector, and civil society to ensure that policy developments, particularly around electric mobility, were grounded in both research and practical implementation. One of the highlights of his work was the contribution to the National Electric Vehicle Roadmap, a forward-looking document that aligns with Cambodia’s broader sustainability objectives. Michael also championed public engagement and awareness through key events such as Clean Energy Week and the Electric Mobility Showcase. These platforms brought together innovators, investors, policymakers, and academics to share knowledge, build connections, and spark new ideas. Under his leadership, EnergyLab released its first Fellowship Report, which offered a critical analysis of Cambodia’s energy future and highlighted pathways to reduce dependency on imported fossil fuels while boosting local innovation. Through this combination of policy input, public engagement, and evidence-based research, Dr. Renfrew helped elevate EnergyLab Cambodia’s profile as a leading voice in the region’s energy transition efforts. His departure leaves a legacy of thoughtful leadership and systems-level thinking that will continue to influence the sector long after his tenure. Stepping into a New Role at the University of Puthisastra In early 2025, Dr. Renfrew embraced an exciting new challenge as Director of Research at the University of Puthisastra, one of Cambodia’s leading institutions in health sciences, technology, and innovation. His appointment marks an important step in UP’s continued commitment to expanding its academic reputation and research footprint in Southeast Asia. As Director of Research, Michael is tasked with strengthening the university’s research capabilities across faculties, supporting the development of academic publications, and fostering a culture of inquiry, collaboration, and innovation. His leadership is expected to bring structure and inspiration to research practices, ensuring they meet international standards while remaining locally relevant. In his new role, he will also play a key role in mentoring young researchers, developing interdisciplinary projects, and forging partnerships with external institutions and donors. The University of Puthisastra has positioned itself as a hub for Cambodia’s next generation of health professionals, IT specialists, and researchers, and Michael’s vision aligns closely with this mission. His experience at the intersection of academia, policy, and sustainable development makes him ideally suited to guide the university’s research strategy through a period of growth and global engagement. In a recent internal communication, UP noted that his appointment is already inspiring renewed focus on research quality, peer-reviewed publication, and international collaboration. His presence at the university is expected to raise both its regional visibility and the impact of its knowledge production, reinforcing its identity as a thought leader in health and science education. A Journey Marked by Impact and Integrity Dr. Michael Renfrew’s professional path has been shaped by a deep commitment to using knowledge and collaboration as tools for social progress. From his early academic pursuits through to his influential work in the energy and sustainability sectors, he has consistently demonstrated a rare ability to connect strategy with implementation, and ambition with humility. His time at EnergyLab showcased his strengths in both thought leadership and operational execution—qualities that will serve him well as he takes on a broader institutional role at UP. His efforts to build inclusive, forward-thinking programs have not only advanced specific agendas like clean energy adoption or electric mobility, but also empowered Cambodian professionals to become agents of change in their own right. Moving into higher education leadership at a time when Cambodia is positioning itself as a regional knowledge economy, Michael’s arrival at the University of Puthisastra is especially timely. He brings with him a fresh, systems-oriented perspective that is grounded in real-world challenges and opportunities. His work is likely to influence research not only within the university but also across Cambodia’s broader academic and development ecosystem. In celebrating this professional transition, we also celebrate the larger journey—a commitment to capacity building, sustainable development, and evidence-based practice. As he bridges the gap between applied innovation and academic inquiry, Dr. Renfrew is helping define a new model of leadership for Cambodia: one that is rigorous, collaborative, and relentlessly focused on impact. Final Thoughts We commend Dr. Michael Renfrew for his outstanding contributions at EnergyLab Cambodia and enthusiastically welcome his next chapter at the University of Puthisastra. His leadership, intellect, and vision have already left a meaningful mark on Cambodia’s clean energy sector, and we are confident that his role in research leadership at UP will be equally transformative. The intersection of academic research and sustainable innovation is where many of the region’s most pressing challenges will be addressed in the years ahead. With Michael at the helm of UP’s research division, there is every reason to expect exciting developments that benefit students, communities, and the country as a whole. We wish him every success in his new role and look forward to following the continued evolution of his impactful career.

MOVED TO: Singapore Airlines Stephen Higgins, Managing Partner at Mekong Strategic Capital Congratulations to Dr. Michael Renfrew on His New Role at the University of Puthisastra. We extend our warmest congratulations to Dr. Michael Renfrew on his recent appointment as Director of Research at the University of Puthisastra (UP) in Phnom Penh. This transition marks a significant milestone in his professional journey and reflects his unwavering dedication to sustainable development, innovation, and academic excellence in Cambodia. Reflecting on His Transformative Tenure at EnergyLab Cambodia Dr. Renfrew joined EnergyLab Cambodia in January 2023, where he played a vital role in shaping the clean energy landscape as Program Lead and later as Operations and Program Lead. During his time with the organization, he became a driving force behind several impactful initiatives that directly contributed to Cambodia’s ambitious climate and energy goals. He was instrumental in supporting the nation’s aim to achieve 70% renewable energy in its national grid by 2030. His work extended far beyond internal strategy—he engaged with stakeholders across government, private sector, and civil society to ensure that policy developments, particularly around electric mobility, were grounded in both research and practical implementation. One of the highlights of his work was the contribution to the National Electric Vehicle Roadmap, a forward-looking document that aligns with Cambodia’s broader sustainability objectives. Michael also championed public engagement and awareness through key events such as Clean Energy Week and the Electric Mobility Showcase. These platforms brought together innovators, investors, policymakers, and academics to share knowledge, build connections, and spark new ideas. Under his leadership, EnergyLab released its first Fellowship Report, which offered a critical analysis of Cambodia’s energy future and highlighted pathways to reduce dependency on imported fossil fuels while boosting local innovation. Through this combination of policy input, public engagement, and evidence-based research, Dr. Renfrew helped elevate EnergyLab Cambodia’s profile as a leading voice in the region’s energy transition efforts. His departure leaves a legacy of thoughtful leadership and systems-level thinking that will continue to influence the sector long after his tenure. Stepping into a New Role at the University of Puthisastra In early 2025, Dr. Renfrew embraced an exciting new challenge as Director of Research at the University of Puthisastra, one of Cambodia’s leading institutions in health sciences, technology, and innovation. His appointment marks an important step in UP’s continued commitment to expanding its academic reputation and research footprint in Southeast Asia. As Director of Research, Michael is tasked with strengthening the university’s research capabilities across faculties, supporting the development of academic publications, and fostering a culture of inquiry, collaboration, and innovation. His leadership is expected to bring structure and inspiration to research practices, ensuring they meet international standards while remaining locally relevant. In his new role, he will also play a key role in mentoring young researchers, developing interdisciplinary projects, and forging partnerships with external institutions and donors. The University of Puthisastra has positioned itself as a hub for Cambodia’s next generation of health professionals, IT specialists, and researchers, and Michael’s vision aligns closely with this mission. His experience at the intersection of academia, policy, and sustainable development makes him ideally suited to guide the university’s research strategy through a period of growth and global engagement. In a recent internal communication, UP noted that his appointment is already inspiring renewed focus on research quality, peer-reviewed publication, and international collaboration. His presence at the university is expected to raise both its regional visibility and the impact of its knowledge production, reinforcing its identity as a thought leader in health and science education. A Journey Marked by Impact and Integrity Dr. Michael Renfrew’s professional path has been shaped by a deep commitment to using knowledge and collaboration as tools for social progress. From his early academic pursuits through to his influential work in the energy and sustainability sectors, he has consistently demonstrated a rare ability to connect strategy with implementation, and ambition with humility. His time at EnergyLab showcased his strengths in both thought leadership and operational execution—qualities that will serve him well as he takes on a broader institutional role at UP. His efforts to build inclusive, forward-thinking programs have not only advanced specific agendas like clean energy adoption or electric mobility, but also empowered Cambodian professionals to become agents of change in their own right. Moving into higher education leadership at a time when Cambodia is positioning itself as a regional knowledge economy, Michael’s arrival at the University of Puthisastra is especially timely. He brings with him a fresh, systems-oriented perspective that is grounded in real-world challenges and opportunities. His work is likely to influence research not only within the university but also across Cambodia’s broader academic and development ecosystem. In celebrating this professional transition, we also celebrate the larger journey—a commitment to capacity building, sustainable development, and evidence-based practice. As he bridges the gap between applied innovation and academic inquiry, Dr. Renfrew is helping define a new model of leadership for Cambodia: one that is rigorous, collaborative, and relentlessly focused on impact. Final Thoughts We commend Dr. Michael Renfrew for his outstanding contributions at EnergyLab Cambodia and enthusiastically welcome his next chapter at the University of Puthisastra. His leadership, intellect, and vision have already left a meaningful mark on Cambodia’s clean energy sector, and we are confident that his role in research leadership at UP will be equally transformative. The intersection of academic research and sustainable innovation is where many of the region’s most pressing challenges will be addressed in the years ahead. With Michael at the helm of UP’s research division, there is every reason to expect exciting developments that benefit students, communities, and the country as a whole. We wish him every success in his new role and look forward to following the continued evolution of his impactful career.

Joint Asian Development Enterprise May 2025   As Cambodia navigates its post-pandemic recovery and positions itself within the dynamic ASEAN economic landscape, Paul Clements, Managing Partner at Joint Asian Development Enterprises (JADE) and Chairman of the International Business Chamber of Cambodia (IBC), offers a seasoned perspective on the nation's economic trajectory and investment climate. A Veteran's Perspective on Cambodia's Economic Evolution Having arrived in Cambodia in 2009 as Chief Operating Officer of ANZ Royal Bank, Clements has witnessed firsthand the Kingdom's economic transformation. "Phnom Penh has changed considerably with the restoration of some wonderful historical sites, become cleaner, better office and shopping environment, increase in the quality of life and education, and continues to remain safe," he reflects. His extensive banking experience, spanning over 30 years across Relationship Banking, Investment Banking, Risk, Operations, and Transformation, has been instrumental in shaping his insights into Cambodia's financial sector. Current Economic Landscape: Challenges and Opportunities Clements acknowledges the challenges posed by global economic headwinds, noting, "Global issues have and will continue to dampen past GDP growth rates." He identifies the tightening of liquidity in the market as a significant risk, potentially impacting various projects and industries. Despite these challenges, he remains optimistic about Cambodia's economic prospects. "Cambodia has a great base for ongoing economic development due to past investment, the drive of its people, and the new dynamic government," he asserts. Sectoral Insights: Agriculture, Tourism, and Financial Services Clements highlights agriculture as a major opportunity in the next five years, emphasizing the country's abundant land and water resources. He also anticipates a gradual return of tourism, a sector that has historically been a significant contributor to the economy. Financial services, he notes, have been a standout sector for many years, reflecting the sector's resilience and growth potential. Investment Climate: Transparency and Regional Competitiveness Discussing Cambodia's investment environment, Clements remarks, "The investment space is very transparent; Cambodia has a golden era ahead." He acknowledges the challenges posed by the strength of the US dollar compared to neighboring currencies, suggesting the need for reducing border costs and improving productivity to maintain competitiveness. Clements also emphasizes Cambodia's leadership in ASEAN regarding GDP growth and attractive investment policies, predicting continued attraction of international Foreign Direct Investment (FDI). Foreign Investment: Trends and Government Initiatives While acknowledging a decline in FDI due to COVID-19 and global economic challenges, Clements notes that the base of international investors continues to expand. He anticipates an increase in FDI in 2024, attributing this to ongoing government policies around investment and public-private partnerships (PPPs), as well as growing international confidence in the new government under Prime Minister Hun Manet. Looking Ahead: Embracing Opportunities Amidst Challenges Clements believes that "tough times can also bring opportunities," suggesting that assets may be better utilized by those who can maximize their potential. He underscores the importance of leveraging Cambodia's young population and natural resources to drive future growth, while also recognizing that growth may be slower than previously anticipated.   About Paul Clements Paul Clements is the Managing Partner of Joint Asian Development Enterprises (JADE) and serves as the Chairman of the International Business Chamber of Cambodia (IBC). With over three decades of experience in the banking sector, Clements has held senior roles in institutions such as ANZ Royal Bank, MekongBank, and EnviroCam/HCC. His expertise spans Relationship Banking, Investment Banking, Risk, Operations, and Transformation. Currently, he is involved in consulting across various sectors and holds directorship positions in companies including IS4KH PLC, WorldBridge Outsourcing Solutions Co., Ltd, and JTrust Royal Bank.

ABA Bank May 2025 Arnaud Darc, Chair & CEO of Thalias Hospitality Group In the heart of Cambodia's bustling capital, Arnaud Darc stands as a beacon of resilience and innovation in the hospitality sector. As the CEO of Thalias Hospitality Group and President of the Cambodia Restaurant Association (CRA), Darc has been instrumental in shaping the nation's culinary landscape and advocating for industry-wide advancements. A Culinary Visionary's Journey Arriving in Cambodia in 1994, Darc was captivated by the country's rich culture and potential. His initial role with Accor Hotels laid the foundation for his deep engagement with the local hospitality scene. Recognizing the untapped opportunities, he ventured into entrepreneurship, establishing ventures that would later evolve into the renowned Thalias Hospitality Group. Under his leadership, Thalias has blossomed into a conglomerate encompassing esteemed establishments like Topaz, Malis, and Khéma. These venues not only offer exquisite dining experiences but also serve as platforms for cultural exchange, blending French culinary techniques with Khmer traditions.Thalias Hospitality+4newsonline.chainedesrotisseurs.com+4Thalias Hospitality+4 Elevating the Hospitality Industry Beyond his business endeavors, Darc has been a stalwart advocate for the broader hospitality sector. As President of the CRA, he has championed initiatives aimed at professionalizing the industry, emphasizing the importance of food safety, staff training, and regulatory compliance. His efforts have been pivotal in fostering a more structured and sustainable restaurant ecosystem in Cambodia. In collaboration with governmental bodies, Darc has also played a crucial role in policy formulation. His appointment as Co-Chair of Working Group D in the Government-Private Sector Forum underscores his commitment to bridging the gap between private enterprises and public institutions, ensuring that the industry's concerns are addressed at the highest levels.  Navigating Economic Challenges The hospitality sector, like many others, faced unprecedented challenges during the COVID-19 pandemic. Darc's leadership during this period was marked by proactive measures to support his employees and adapt to the evolving landscape. Recognizing the need for data-driven advocacy, the CRA, under his guidance, conducted comprehensive surveys to assess the industry's state, providing valuable insights for policy interventions. These efforts highlighted critical areas requiring attention, such as the need for tax relief, financial aid, and support for skill development. Darc emphasized the importance of formalizing businesses to enhance access to governmental support and ensure long-term sustainability. A Vision for the Future Looking ahead, Darc remains optimistic about Cambodia's hospitality sector. He envisions a future where the industry not only recovers but thrives, driven by innovation, collaboration, and a commitment to excellence. Emphasizing the potential of public-private partnerships, he advocates for investments in infrastructure, such as international convention centers, to bolster tourism and economic diversification. Moreover, Darc underscores the importance of embracing digital transformation, sustainable practices, and continuous skill development to remain competitive in the regional and global markets. About Arnaud Darc Arnaud Darc is the CEO of Thalias Hospitality Group and President of the Cambodia Restaurant Association. With over three decades of experience in the hospitality industry, he has been a driving force in elevating Cambodia's culinary scene and advocating for industry-wide advancements. His contributions have been recognized with numerous accolades, including the "International Leading Brand Award– Cambodia– Conglomerate in F&B Excellence" at the ASEAN Outstanding Business Awards 2023.

ABA Bank May 2025 Arnaud Darc, Chair & CEO of Thalias Hospitality Group In the heart of Cambodia's bustling capital, Arnaud Darc stands as a beacon of resilience and innovation in the hospitality sector. As the CEO of Thalias Hospitality Group and President of the Cambodia Restaurant Association (CRA), Darc has been instrumental in shaping the nation's culinary landscape and advocating for industry-wide advancements. A Culinary Visionary's Journey Arriving in Cambodia in 1994, Darc was captivated by the country's rich culture and potential. His initial role with Accor Hotels laid the foundation for his deep engagement with the local hospitality scene. Recognizing the untapped opportunities, he ventured into entrepreneurship, establishing ventures that would later evolve into the renowned Thalias Hospitality Group. Under his leadership, Thalias has blossomed into a conglomerate encompassing esteemed establishments like Topaz, Malis, and Khéma. These venues not only offer exquisite dining experiences but also serve as platforms for cultural exchange, blending French culinary techniques with Khmer traditions.Thalias Hospitality+4newsonline.chainedesrotisseurs.com+4Thalias Hospitality+4 Elevating the Hospitality Industry Beyond his business endeavors, Darc has been a stalwart advocate for the broader hospitality sector. As President of the CRA, he has championed initiatives aimed at professionalizing the industry, emphasizing the importance of food safety, staff training, and regulatory compliance. His efforts have been pivotal in fostering a more structured and sustainable restaurant ecosystem in Cambodia. In collaboration with governmental bodies, Darc has also played a crucial role in policy formulation. His appointment as Co-Chair of Working Group D in the Government-Private Sector Forum underscores his commitment to bridging the gap between private enterprises and public institutions, ensuring that the industry's concerns are addressed at the highest levels.  Navigating Economic Challenges The hospitality sector, like many others, faced unprecedented challenges during the COVID-19 pandemic. Darc's leadership during this period was marked by proactive measures to support his employees and adapt to the evolving landscape. Recognizing the need for data-driven advocacy, the CRA, under his guidance, conducted comprehensive surveys to assess the industry's state, providing valuable insights for policy interventions. These efforts highlighted critical areas requiring attention, such as the need for tax relief, financial aid, and support for skill development. Darc emphasized the importance of formalizing businesses to enhance access to governmental support and ensure long-term sustainability. A Vision for the Future Looking ahead, Darc remains optimistic about Cambodia's hospitality sector. He envisions a future where the industry not only recovers but thrives, driven by innovation, collaboration, and a commitment to excellence. Emphasizing the potential of public-private partnerships, he advocates for investments in infrastructure, such as international convention centers, to bolster tourism and economic diversification. Moreover, Darc underscores the importance of embracing digital transformation, sustainable practices, and continuous skill development to remain competitive in the regional and global markets. About Arnaud Darc Arnaud Darc is the CEO of Thalias Hospitality Group and President of the Cambodia Restaurant Association. With over three decades of experience in the hospitality industry, he has been a driving force in elevating Cambodia's culinary scene and advocating for industry-wide advancements. His contributions have been recognized with numerous accolades, including the "International Leading Brand Award– Cambodia– Conglomerate in F&B Excellence" at the ASEAN Outstanding Business Awards 2023.