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Wednesday, November 7, 2007

KFH seeks partners for IDR project

KUWAIT Finance House (M) Bhd (KFH) is looking for partners to develop the 249.6-hectare cultural and heritage zone in the Iskandar Development Region (IDR) in Johor.

“We are eyeing partners from Singapore, Japan, the Middle East, Australia and China, in addition to the companies in this country to develop the site which was bought for US$300 million (RM1.005 billion),” managing director Datuk K. Salman Younis told reporters after the launch of KFH’s awareness campaign in Johor Baru yesterday. Younis said although the company has yet to work out the value of the partnerships, they were expected to be worth billions of ringgit over the next 25 years.

“We will also work closely with two consortiums from the Middle East to develop the entertainment industry, and education, healthcare and financial products in the region,” he said.

Younis said the development of the zone would be the banking group’s fi rst project
in IDR before proceeding to participate in subsequent programmes.

He said details on the partnerships would be unveiled in three months.

Younis said KFH would work closely with the federal and state governments to ensure the success of IDR which would benefit the economy and the people.

On the awareness campaign, Younis said it was to introduce the bank to the people.

He said KFH would set up a branch in Johor Baru, its first outside Kuala Lumpur, by the first quarter of next year.

By Bernama

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