ISKANDAR MALAYSIA STILL ON THE RADAR OF MIDEAST INVESTORS

JOHOR BAHARU, May 13 (Bernama) -- Iskandar Malaysia is still on the radar

of investors from the Gulf Cooperation Council (GCC) member countries despite

the ongoing political turmoil affecting the region, says Iskandar Region

Development Authority Chief Executive Ismail Ibrahim.

He said the instability in the Middle-East presented an opportunity for

investors in the oil-rich region to spread their investments abroad including

Iskandar Malaysia.

"Thus, the GCC - United Arab Emirates, Oman, Qatar and Kuwait are still our

targeted countries. There is still strong interest from the GCC countries to be

present in Iskandar Malaysia, although, this interest is yet to translate into

additional investments," he told Bernama here recently.

Ismail also said, to date, Middle Eastern investors were planning initial

committed development in Medini, located within the Nusajaya development zone,

one of the five flagship zones in Iskandar Malaysia.

On investments in Iskandar Malaysia since it''s launch in 2006 until March

this year, he said the economic corridor had recorded a cumulative

committed investment of RM73.24 billion.

Of the total, local investments accounted for 59 per cent or RM43.29 billion

while foreign investments made up the remaining 41 per cent or RM29.95 billion.

"The is a slow shift from being dependent on foreign investments, the

majority of investments are coming from local sources," said Ismail, adding that

the investment figures were a reflection of the confidence domestic investors

had in Iskandar Malaysia.

He said the new trend also dispelled the perception that domestic investors

were not buying into Iskandar Malaysia or that there was any discrimination or

favouritism towards foreign investors.

Ismail also said investments worth RM28.25 billion were approved for

manufacturing projects followed by RM24.26 billion in properties, RM6.28 billion

(government), RM2.90 billion (utilities), RM1.47 billion (tourism) and

RM10.08 billion (others).

"Approximately 40.1 per cent or RM29.35 billion of these investments were

already spent and progress on the developments were on schedule," he added.

-- BERNAMA

MHI VMD

  • Look, don't touch: Flickr photo of the day 1 hour 48 minutes ago
    Look, don't touch: Flickr photo of the day

    If there's one car that's particularly sought-after among today's well-heeled car collectors, a Ferrari 250 would be it. Usually it's the GTO variant, like the 1963 that sold for a record $52 million last year. A 250 of any sorts demands unfathomable cash, however, which is why we can but gawk at this 250 Testa Rossa. It's as close as any mere mortal will ever come to owning one.

  • Peeling out at Octane Academy, the free driving school for Ford ST owners 2 hours 44 minutes ago
    Peeling out at Octane Academy, the free driving school for Ford ST owners

    Buyers of Ferraris or Jaguars are used to perks from manufacturers – including racetrack lessons to help master their exotic machines. But for enthusiasts on a tighter budget, the Ford ST Octane Academy might be the sweetest deal in motoring: Buy a Ford Fiesta ST or Focus ST hatchback, and the reward is a free day of training at one of America’s longest, most-lavish road courses.

  • Why you can't buy America's greenest car 5 hours ago
    Why you can't buy America's greenest car

    Ask me or any auto expert what's the fastest car you can buy for any given amount, and we could easily cough up several options. Same for most luxurious, or off-roadable, or any other measurement. Yet there's one type of question that's far harder to answer: What's the greenest, most environmentally friendly car you can buy today?

  • Pirates kidnap three on Singapore tanker off Malaysia
    Pirates kidnap three on Singapore tanker off Malaysia

    Armed pirates boarded a Singapore-managed oil tanker in the Strait of Malacca, kidnapping three Indonesian crew and stealing some of the vessel's shipment of diesel fuel, the International Maritime Bureau said Wednesday. The attack occurred early Tuesday off Malaysia's west coast, said Noel Choong, head of IMB's Kuala Lumpur-based piracy reporting centre. The diesel oil tanker was believed to be en route to Myanmar. "IMB is aware of the attack on the Singapore-managed ship in the Malacca Straits.

  • McDonald's Hello Kitty sale site temporarily suspended due to fresh wave of Kitty mania
    McDonald's Hello Kitty sale site temporarily suspended due to fresh wave of Kitty mania

    It may not be safe to enter a McDonald’s restaurant in Singapore on Mondays starting 28 April. To celebrate the iconic Japanese character Hello Kitty’s 40th anniversary, the fast food chain announced last Friday that it would be releasing a new collection of Hello Kitty toys in McDonald’s restaurants island wide next Monday.

  • First sign of S.Korea ferry disaster was call from a frightened boy
    First sign of S.Korea ferry disaster was call from a frightened boy

    He called the emergency 119 number which put him through to the fire service, which in turn forwarded him to the coastguard two minutes later. That was followed by about 20 other calls from children on board the ship to the emergency number, a fire service officer told Reuters.