Saraya Holdings, Jordan based business conglomerate, announced today an investment of US$ 325 million to develop a piece of land for New International Financial District in Nusajaya, Malaysia, through its urban development arm, Millennium Development international Company, which will act as the Master Concessionaire and Land Developer (MCLD) of around 365 acres project. During a ceremony headed by Datuk Seri Abdullah Badawi, the Prime Minister of Malaysia, a Memorandum of Understanding was signed between Millennium and South Johor Investment Corporation (SJIC).
Oussama Kabbani, Vice Chairman of Millennium and Dato Azam Mokhtar, Chairman of South Johor Investment Corporation (SJIC), through SJIC’s subsidiary Rim City Sdn Bhd (RCSB), signed the MoU. The financial zone is part of an integrated development in the Iskandar Development Region (IDR), referred to as Node 1, which will serve as a catalyst for the entire region with structured incentives designed to meet the needs of global businesses. The South Johor Investment Corporation Berhad will be a strategic partner of Millennium with a 30% stake in the project. The ceremony was also attended by the CEO of Saraya Holding.
Ali Kolaghassi, Chairman of Saraya commented: "This is part of our global mandate to seek unique opportunities in real estate development that address the growing demand for structured, end-user targeted products. Our investment in the International Financial District Zone fits well with our objectives and meets the need for a new financial hub to serve the expanding markets in Asia. Millennium is committed to making IDR a model for smart growth and a global destination of choice for commerce and financial services".
Dato Azman Mokhtar, Chairman of SJIC stated: "The combination of financial and environmental ecosystems offered by IDR is unique and provides a solid foundation to make Node 1 a global success".
The three investors and Millennium will be developing the region into different clusters of distinctive themed zones to create a complete lifestyle with a balanced mixture of eastern culture, heritage and style of architecture, coupled with the latest technology, world-class logistics and security systems. Other MoUs were signed included; ALDAR, MUBADALA and KUWAIT FINANCE HOUSE.
