Investors from Middle East countries Wednesday signed a series of agreements with Malaysia on real estate and infrastructure developments for southern Malaysia, initially with a total value of 1.2 billion U.S. dollars
The investors from Jordan, Kuwait and the United Arab Emirates (UAE) respectively signed the deals with Rim City Sdn Bad (RCSB), a subsidiary of South Johor Investment Corporation Bhd (SJIC), to develop the real estate projects in the Iskandar Development Region (IDR) located in the state of Johor, southern Malaysia.
Malaysian Prime Minister Abdullah Ahmad Badawi, who officially launched the IDR blueprint last year, witnessed the signing of these agreements between SJIC and Mubadala Development Company, Kuwait Finance House and Millennium Development International Co. respectively at Putrajaya, administrative center of Malaysia.
Under the deals, Mubadala, a company based in Abu Dhabi, the UAE, would invest 520 million U.S. dollars to develop a comprehensive lifestyle and leisure project in the IDR.
Meanwhile, Kuwait Finance House would put in about 330 million U.S. dollars to develop a cultural complex there, including a logistics village and a creative park.
In addition, Millennium, a member of Saraya Holdings based in Jordan, would invest 325 million U.S. dollars in land concessions for an international finance district.
The partnership with the investors from the Gulf Cooperation Council (GCC) countries was a major catalyst and a significant milestone in IDR development, said SJIC Chairman Azman Mokhtar at the signing ceremony.
This landmark investment will represent the single largest foreign real estate development in Malaysia, and one of the largest single foreign investments in Malaysia, Azman said.
The investment would be aimed at laying the basis for building an integrated international city with the IDR, he added.
In each of the three consortiums signed on Wednesday, SJIC would be a strategic partner with a 30 percent stake, Azman said.
The IDR lies in the southern-most tip of Peninsular Malaysia in the state of Johor and covers an area of 2,217 sq. km. The Malaysian government hopes that it would be built into a hub for service sector not only for the region, but also for the rest of the world.
Source: Xinhua
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