Dubai, Sept. 24th, 2007 (WAM)- MMC Corporation Berhad (MMC) and Dubai World today signed a Memorandum of Understanding to explore areas of common interest with a view to jointly developing areas in South Johor, including MMC's landbank of 9,125 square meters (2,255 acres) at Tanjung Bin, Johor, which has been earmarked for industrial development.

According to a press release issued Monday, MMC and Dubai World will develop a maritime centre masterplan that will comprise oil terminal activities, drydocks, a shipyard, including conventional cargo handling facilities, if required.

The proposed development has drawn considerable interest from foreign investors with potential investments totaling US $4.649 billion (RM16 billion). 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.'