IIB seeks GCC investors for Iskandar Malaysia

Iskandar Investment Ber?had (IIB) is open to partnerships with more GCC investors on its $110 billion (Dh403bn) Iskandar Mala?ysia project, said a top official.

"We are looking for partners from the GCC to develop a three acre mixed-residential development and a five acre commercial development in Medini North. We are in several discussions right now with many GCC investors. We should announce something in the next three months," said Arlida Ariff, President, IIB.

According to IIB, Iskandar Malaysia spans over 2,217 square kilometres and is a mixed-use development, planned for completion in 2025. The development project has been in the planning and mobilisation stages for the past two years. To date, Iskandar Malaysia has $13bn in committed funds from government bodies and international investors.

According to the developer, around $1.2bn worth of investments have been made by Mubadala, Kuwait Finance House (KFH), Millennium Development International and Aldar Properties to develop infrastructure such as the coastal highways and telecommunications within the project.

"The stakes have been maintained at same levels," said Ariff.

IIB said it has a 30 per cent equity stake in two consortiums – Global Consortium and Medini Central – led by investors Mubadala and Kuwait Finance House.

Speaking to Emirates Business, Ariff said: "The Middle East, GCC and Malaysian markets share the same cultural backgrounds. A lot of the sensitivities in the GCC are similar in Malaysia and this is the reason why we believe GCC investors would like to invest in Malaysia."

Meanwhile, IIB said, Legoland Malaysia – a development in Iskander Malaysia – will be delivered a year before planned completion. "Originally planned for a 2013 completion, the project will be delivered a year ahead of its schedule in 2012," said Ariff.

Other projects within Iskander Malaysia include EduCity and the Iskandar Financial District in Medini.

"As far as Iskander is concerned, it is very cost effective."

 

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