23 February, 2007

RM10b Fund Coming in Johor

News from http://www.theedgedaily.com

Foreign investors have committed to invest nearly US$3 billion (RM10.48 billion) in southern Johor which is being developed into an economic zone, the central body overseeing the project said on Feb 23.
Iskandar Regional Development Authority (IRDA) said several mixed-development projects involving investors from the Middle East and Asia-Pacific were in advanced planning stages.

"(State investment arm) Khazanah Nasional received specific letters of intent or indications of interest to invest approximately RM10 billion to spearhead growth development on several multiples over the next five years," IRDA said in a statement. It gave no further details.

The board oversees the ambitious US$105 billion plan to turn an area around Johor Bahru, into a prosperous Asian metropolis over 20 years. The 2,200-square kilometre development area is to boast a high-tech park, logistics and industrial precincts, educational park, regional hospitals, marina, waterside villas, theme parks and exclusive, gated residential communities.

Prime Minister Datuk Seri Abdullah Ahmad Badawi, who chairs IRDA, has said investment of US$13 billion would be needed in the first five years from 2006-2010 to build roads, rail and other infrastructure and set the stage for an influx of private investment, which is expected to come largely from neighbouring Singapore. -- Reuters