Dubai World bullish on US$5bil deal with MMC

Dubai World bullish on US$5bil deal with MMC

DUBAI: Dubai World chairman Sultan Ahmed Bin Sulayem said the company was “extremely optimistic” about the US$5bil maritime centre to be jointly developed with MMC Corp Bhd in Johor.

“Our combined experience and global network will enable us to deliver a project that will benefit maritime industry players and complement the Malaysian Government’s Iskandar Development Region initiative,” he said in a statement.

“We are also keen to enhance the port infrastructure in the area. Our subsidiary, DP World, is one of the largest global port operators and we also have a strong record in the development of logistics parks.”

The statement said the memorandum of understanding was signed in Dubai on Sept 24 to develop a maritime centre masterplan for areas in south Johor, including MMC’s 2,255-acre landbank in Tanjung Bin.

On its partnership with MMC, Sultan Ahmed said: “We have a strong partner in MMC, which is a key infrastructure player in Malaysia, especially in south Johor, through its ownership of two ports and 3,000-acre landbank in that strategic area.

“There are tremendous synergies between Dubai World and MMC and we look forward to working closely with MMC and jointly develop the project on a fast-track basis that will be on par with other world-class developments.”

Dubai World is a Dubai government-decree entity that has been the growth engine for the United Arab Emirates with over 50,000 employees and offerings in more than 100 locations.