MYR16 Bln Malaysia Port Invest reconsidered by Dubai World
With the global downturn having an adverse impact on Dubai World's overseas projects, the government-owned conglomerate is mulling to reconsider its investment in a 16 billion ringgit ($4.5 billion) Malaysian maritime center with MMC Corp.
It was specified by the Malaysian power producer and port operator, via a statement posted on the Kuala Lumpur bourse Web site, "As a consequence of the economic crisis that had negatively impacted the global community including Dubai, Dubai World is reassessing its priorities with respect to its investment allocation."
The statement also added, "Hence, there is no further progress on the MOU since the last announcement in May 2009."
No immediate comments could be received from Dubai World on Wednesday.
As of now, Dubai World is thinking of cutting back its overseas projects, amidst it fights with huge debt and a property downturn at home.
It was declared by Dubai World earlier this month that it was putting a temporary stop on some of its billions of dollars worth of planned investments in Africa because of the economic slowdown in Dubai.
With the aim to jointly develop a maritime city, constituting an oil terminal, drydocks, a shipyard, cargo handling facilities, logistic parks and real estate, an agreement was signed in September 2007 by Dubai World and MMC. It was at Johor, in the south of the country, where the MYH16 billion proposed project was to be located.
A source said: "Development was due to begin late 2007 and the terminal was due to become operational in 2010, both companies said at the time of the announcement."
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