Abu Dhabi-based Mubadala to take part in RM26b KL Intl Financial District

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PUTRAJAYA: Abu Dhabi’s Mubadala Development Co. will enter into a strategic partnership with 1Malaysia Development Bhd (1MD) to build KL International Financial District (KLIFD) which will cost RM26 billion.
Prime Minister Datuk Seri Najib Razak said on Friday, Oct 8 the KLIFD would provide significant stimulus for the construction industry.
“The KLIFD is critical in the development of a dynamic, globally competitive financial sector that will promote economic growth, attract foreign direct investment and create jobs.
“It is a key component in the Government’s initiatives to further leverage on financial services as both a growth sector as well as an enabler of growth of other sectors,” said Najib at the signing of agreement between Mubadala Development and 1MD.
Construction of the KLIFD, near the Kampung Pandan area, is expected to start in mid-2011.
“The KLIFD is a 34-hectare real-estate development intended to tightly cluster important banking and financial entities. The plan is to have key regulators and institutions, together with major banks and professional services firms, including syariah specialists, co-locate in the KLIFD.
“We will invite, we will encourage and we will persuade the local and international financial community to work with us not only in shaping Kuala Lumpur as a global financial centre but also to benefit from what the KLIFD has to offer,” said Najib who is the chairman of the board of advisors of 1MDB.
Mudabala had also agreed to invest of up to US$7 billion for the development of a major initiative in the aluminium sector based on hydro power in the Sarawak Corridor of Renewable Energy (SCORE)
The project is expected to create more than 10,000 jobs during construction and another 2,000 specialist jobs.