Sep 24 2008
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Developed by Leading GCC and Malaysian investors
ALDAR Properties and Millennium Development International announced that they will be leading the development of a new multi-billion dollar Iskandar Financial District (IFD), located in southernmost tip of Malaysia adjacent to Singapore, on behalf of Global Capital, an investment entity representing prominent GCC and Malaysian Investors.
As the lead investors in Medini Iskandar, Global Capital, made up of Mubadala consortium of investors that includes in addition to Mubadala and ALDAR properties PJSC from Abu Dhabi, Malaysia Ventures a subsidiary of Saraya Holdings and Unity Capital together in partnership with United World Infrastructure (UWI) and Iskandar Investment Berhad, has collectively committed to invest the necessary fund to ensure the successful development of the sites acquired within Medini Iskandar Malaysia.
The IFD will be the new heart of Medini Iskandar Malaysia, an integrated development area in the Iskandar Malaysia, itself a premier economic growth region promoted by both national and local governments as "a strong and sustainable metropolis of international standing". The total land area of Medini Iskandar is approximately 103.8 million square feet, while the IFD land area is approximately 15.3 million square feet and the targeted built up area is 42.1 million square feet.
"We are pursuing an aggressive planning and design schedule, to match the infrastructure implementation schedule lead by the Government. We decided to launch within Cityscape Dubai a limited number of IFD parcels for commitment in response to the pressure we are seeing from financial institutional developers and equity funds, to secure an early position in this promising economic development region of South East Asia", said Ronald Barrot, Chief Executive Officer of ALDAR which is both investing in the project and acting as the developer and client representatives on the project.
The IFD is the first district to be offered for investment and development by Global Capital. In the near future, Global Capital will offer an array of development and investment opportunities comprising high end condominiums, golf estates, a theme park, a regional retail center, world class health and wellness facilities, international schools as well as five stars hotels and waterfront hospitality village and resort.
Attracting investors from all over the world, particularly from the GCC, neighboring Singapore and around South-East Asia, the IFD enjoys strategic advantages. Located at the crossroads of the East-West trade routes in this highly serviced location by air sea and land within Asia and the world is one of the main attractions, especially as it is coupled with tax incentives for financial services. Modern and hi-tech telecom and transportation networks and proximity to neighboring Singapore - only 20 minutes by car -, and its midway between the rapidly growing economies of China and India gives it an unbeatable benefits. Nature nourishes the locale further by being near to some of the world's oldest rainforests, mangroves, beautiful islands, sandy beaches and spectacular mountains.
John Thomas, Global Capital's Chairman of the Board of Directors, and representing the Mubadala consortium of investors said that: "It is the prime time for global investment diversification, and Iskandar Development Region is the ideal location enjoying serious governmental commitments, policies and support as well as offering the optimal business incentives".
Oussama Kabbani, Vice Chairman of the Board and Managing Director of Millennium Development International said: "Making cities for people is at the center of our team's core competencies for over 15 years. Our collective experience in managing large scale projects similar to Medini and the IFD is quite sizable. From Beirut, to Makkah's Central District, to Al-Abdali in Amman and Aktau New City in Kazakhstan, our team of professional planners, designers, and business people brings to the IFD solid experience in real estate development management, and particularly in downtown planning and design management. We aspire to make this new city a truly people friendly and sustainable city for the 21st century, a pride for Malaysia, and Asia, and a testimony to the know-how of our investors".
ALDAR Properties PJSC is the premier real estate development, management and Investment Company in the Emirate of Abu Dhabi. ALDAR 's vision is to establish Abu Dhabi as the United Arab Emirate's most progressive and innovative real estate market not only by creating unique and prestigious developments, but also catering for all segments of the society. ALDAR 's portfolio will initially extend across the Emirate of Abu Dhabi, and later throughout the United Arab Emirates and the region.
Since launching in 2005, ALDAR has already announced projects worth more than $US 60 billion dollars. ALDAR 's developments are characterized by comprehensive planning, innovation and a commitment to excellence in urban design, town planning and sustainable development. One of ALDAR 's prime responsibilities is ensuring a balance between the evolving needs of a modern city while conserving the environment. ALDAR is well positioned with the financial resources, management caliber and government support to undertake large-scale, market-driven projects, appropriate to the Emirate's booming property industry. www.aldar.com
Mubadala Development Company is an investment and development vehicle established and wholly owned by the Government of the Emirate of Abu Dhabi. Its mission is to invest in commercially-viable, strategic, industrial and commercial partnerships.
The company manages a diversified portfolio of local, regional, and international investments. International investments include the Dutch fleet management giant LeasePlan Corporation (25% stake), and a stake in nine oil exploration blocks in Libya. Stakes are also held in the Swiss aircraft and engine services provider SR Technics (40%), the Italian luxury car manufacturer Perrari (5%), and Piaggio Aero Industries (35%). In the United Arab Emirates and wider Gulf region,
has invested in, and developed, a number of leading projects including the first GCC cross-border natural gas project, Dolphin Energy (51% majority stake),
, Abu Dhabi Future Energy Company (Masdar), Tabreed, Abu Dhabi Ship Building, Imperial College London Diabetes Centre in Abu Dhabi, Injazat Data Systems and the Mukhaizna Oil Field developments in Oman. www.mubadala.ae
About Millennium Development International
Millennium Development International (MDI) is a member of Saraya Holdings specializing in hospitality and hospitality mixed use real estate development, land development and property management. MDI core business is the provision of highly efficient and integrated development management services for third party developers. As a development manager, MDI offers world class experience in large scale and mixed use projects, with special expertise in urban projects.
MDI's expertise is all-encompassing, and is delivered under the umbrella of Development Management whether for real estate projects, land development projects or a combination of the two. MDI's development management services have spread over more than 15 cities worldwide, with total development costs ranging as high as USD 25 billion. MDI's headquarters are in Beirut - Lebanon with branch offices in Malaysia and Dubai. www.millenniumdev.com
Ala'a KhanOffice Manager
Headline Public Relations
Tel: + 962-6-551-3098
Tel: +962-6-551-3071 Ext 300
Fax: + 962-6-552-8175
© Press Release 2008
© Copyright Zawya. All Rights Reserved.
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