Mubadala group may invest RM21bil in IDRIskandar Malaysia
PETALING JAYA: Of the three consortia coming in a big way to invest in the Iskandar Development Region (IDR), Mubadala Development Co is expected to come up with more than half of the almost US$12bil (RM42bil) to be pumped in.
Sources indicated that last week’s signing involved only the purchase of land for US$1.2bil. The entire development spans three nodes in the IDR which involves the development of a financial district, an entertainment and cultural centre and a commercial centre.
The Mubadala group appeared to have the most ambitious plan for the IDR, said sources close to the three investors. In fact, real estate is one of the upcoming areas of focus at Mubadala, which is a wholly-owned, principal-investment vehicle of the Government of the Emirate of Abu Dhabi.
According to its managing director and chief executive officer Khaldoon Khalifa Al Mubarak, healthcare and real estate offered significant opportunities in the future. The group is currently involved in the energy, infrastructure and motor vehicle sectors.
Among its notable investments of 100% are in the Abu Dhabi Future Energy Co, Abu Dhabi Knee & Sports Medicine Centre, Abu Dhabi Terminals, Horizon International Flight Academy and Imperial College London Diabetes Centre.
Its other investments include Dolphin Energy Co (51%), listed company Emirates Ship Investment Co (32.9%), Ferrari (5%), and Piaggio Aero Industries (15%). It also has between 5% and 15% on a project basis in the Mukhaizna oil field in Oman, as well as oil explorations in Libya and Oman.
Besides Mubadala, the other consortia at the IDR are Saraya Holdings, via urban development arm Millenium Development International Co, and Kuwait Finance House.
Putrajaya Perdana Bhd, which inked a memorandum of understanding last week with Aldar Properties (the master planner for the consortium’s IDR project) to provide construction, consultancy and a range of services, is expected to be the main contractor for most of the jobs at the three nodes in the IDR.
Sources indicated Putrajaya Perdana, in its aim to be an international construction house, was likely to invite Malaysian and Singaporean companies with expertise in civil engineering, water and electricity to complement its niche in the commercial sector.
The construction giant is expected to initially undertake jobs in the IDR and move on to the Middle East.