Iskandar free zone attracts Dh5b in investment

Dubai: Malaysia's Iskandar Investment Berhad secured Dh5 billion investment for the country's Iskandar zone, and is accelerating work on what is planned to be the country's largest economic zone.

Chief Executive Arlida Ariff said there were no cancellations within the project and the total investment for Malaysia Iskandar zone since its launch in 2006 had reached $13 billion, with around 15 per cent coming from Middle Eastern investors.

The investments are in areas of property, hospitality, retail, manufacturing and petrochemicals.

The Iskandar Malaysia zone, three times bigger than Singapore, would be Malaysia's largest economic zone upon completion in 2025. The government expects it to create 800,000 jobs and attract around $100 billion in investment over 25 years.

Kuwait Finance House, Mubadala Development Co, Aldar Properties and Dubai-based Limitless, and Dubai World are among the names that have signed up for the multi-billion dollar scheme.