Iskandar Financial District Exceeds All Expectations at Cityscape Dubai with Potential US$ 2 Billion in Foreign Investments
Cityscape has closed its doors this year with the International Financial District (IFD) in Malaysia taking a major portion of the lime light of this event. The success of the IFD launch was highly reflected in the large number of investors visiting the IFD pavilion and expressing their written interest in securing development plots in this unique economic development zone in the southernmost tip of Malaysia, across the strait from Singapore.
The IFD project, with an estimated development cost in excess of USD 4.5 billion, was officially launched in Cityscape Dubai. The investment is spearheaded by Global Capital, an investment entity comprising prominent GCC and Malaysian Investors including Mubadala, Aldar, Malaysia Ventures – a subsidiary of Saraya Holdings, United World Infrastructure (UWI), Iskandar Investment Berhad, and Unity Capital.
The IFD attracted the interest of local, regional and international investors, as well as financial and development entities visiting Cityscape . The project offers a world class master planned city center targeting financial institutions, banks, corporate headquarters, commercial office buildings, shopping centers, condominiums, serviced apartments, 5-star hotels, conferencing and meeting facilities as well as community service facilities. The IFD will turn Iskandar region in Malaysia into an important Islamic financial center in Southeast Asia. The IFD concept, a vision of the Prime Minister of Malaysia, capitalizes upon the advanced legislative environment that the Malaysian Government has put in place over the past 25 years to position the IFD as the new heart of Islamic finance in south East Asia.
The IFD is attractive due to its unique geographical location at the crossroads of trade routes between the East and the West; it is in a region that enjoys easy access to both air and land transportation services to Asia and the world. In addition, being close to Singapore - about 20 minutes by car - and being in the area between China and India whose economies witness a serious rapid growth, makes IFD a desirable location for investment.
The IFD developers and development managers, ALDAR and Millennium Development International – a member of Saraya holdings, reported that the project attracted attention because of its unique location, the reputation of the investors in the consortium, the tax incentives offered by the Malaysian Government and the high quality of the master plan design.
"Malaysia has been chosen by the investors in Global Capital after they conducted intensive financial and economic feasibility studies which revealed that the Iskandar region in Malaysia can provide unparalleled investment opportunities and high growth potential. The unique geographical location of the project as well as the strong governmental support in infrastructure execution and the provision of business incentives will ensure such successes. The results achieved in Cityscape proved that Global Capital’s vision for this project was correct" said Oussama Kabbani, Vice Chairman and Managing Director of Millennium Development International, the appointed development managers of the project.
Mr. Kabbani added that: “The government has already commenced the infrastructure, and they expect to start delivering plots for IFD’s investors and developers within the coming 12 to 14 months”. Mr. Kabbani concluded by revealing that all the development plots that were released for Cityscape were reserved by developers, and that a waiting list for other plots was established pending Global Capital’s Board of Director’s approval to release more plots at this stage. “The total land sales requests generated in Cityscape and pending Global Capital’s Board of Directors’ approval will generate development projects with a value of not less than USD 2 billion, the highest achieved number of foreign investment requests in Cityscape 2008” concluded Kabbani.
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About ALDAR
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 72 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.
For more information: www.aldar.com
Mubadala Development Company
Mubadala Development Company (Mubadala) is a Public Joint Stock Company headquartered in Abu Dhabi, capital of the United Arab Emirates. Its focus is on developing and managing an extensive and economically diverse portfolio of commercial initiatives. It does this either independently or in partnership with leading international organizations. Mubadala’s commercial strategy is fundamentally built on long term capital intensive investments that deliver strong financial returns.
The company manages a multi-billion dollar portfolio of local, regional, and international investments, projects and initiatives. Through its investment and development projects, Mubadala is both a catalyst for, and a reflection of, the drive for economic diversification of the Emirate of Abu Dhabi. Its impact is evident domestically and internationally in sectors such as energy, aerospace, real estate, healthcare, technology, infrastructure, and services.
Mubadala’s sole shareholder is the Government of the Emirate of Abu Dhabi.
For more information: 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.