Malaysia's YTL Corp looks for Gulf projects

Dubai: Malaysia's YTL Corporation is looking at developing large water and power projects in the UAE and other Gulf countries, a senior official said.

"We will look at opportunities in our core businesses of infrastructure development and industrial construction," YTL executive director for business development Eric Eoon Whai San told Gulf News.

He said the company is also interested in rail projects and cement production units.

"We have been approach-ed by Macquarie Bank for joint ventures not only in the UAE but across the region," said the YTL official, who was in Dubai to unveil a joint venture with ETA Star.

UAE operations

Macquarie has an investment banking venture with Abu Dhabi Commercial Bank to pursue ventures in building of roads, bridges, ports and other infrastructure.

The Malaysian diversified company has worked with the Australian bank, which has been an aggressive investor in infrastructure projects, on a power project in western Australia.

Its most high-profile acquisition was in May 2002, when its unit YTL Power International took over water supply and sewerage services company Wessex after the collapse of the US multinational firm Enron, which owned the English utility firm.

The Malaysian firm wants to work on large projects in the Gulf, Whai San said.

"We have the appetite for big projects," he said.