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The proposed development has drawn considerable interest from foreign investors with potential investments totaling US $4.649 billion (RM16 billion) as set out below:
Estimated Gross Development Value (RM million) (US $ million)
Petroleum & Maritime Industrial Zone 9,000 (2,615)
Ports and Logistics, Drydocks, Shipyard and associated Real Property Development 7,000 (2,034)
MMC Group Chief Executive Feizal Ali said,
'This masterplan will further develop the hinterland in South Johor and is expected to benefit MMC's subsidiaries, including Pelabuhan Tanjung Pelepas Sdn Bhd and Johor Port Berhad as investments in South Johor increase. Our partnership with Dubai World, which has been the engine of growth for the United Arab Emirates, brings together a tremendous amount of expertise and experience to the development and underscores the interest of international investors in this project.'
Dubai World Chairman Sultan Ahmed Bin Sulayem said,
'We see a bright future for this exciting multi-faceted development. An integrated maritime centre will improve efficiency and allow those involved in the many businesses associated with the maritime industry to make the most of the opportunities within the region as well as in Malaysia's vibrant and rapidly growing economy.'
Jamal Majid bin Thaniah, Board Director, Dubai World, said:
'This MoU is part of our efforts to diversify the investment portfolio of Dubai World in keeping with its development goals. It is another milestone in our expansion strategy in the rapidly growing Asia Pacific region.'
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Posted by Lara Lynn Golden, News Editor
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