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March 29, 2009

Kuwait’s lender to pour $6bn+ into property projects in Malaysia

Kuwait Finance House (KFH) said on Saturday it had drawn up preliminary plans for investing in Malaysia's multi-billion dollar Iskandar development project, reported Reuters.

"KFH has approved the basic investment plan for the ... project (which) is expected to achieve a total development draw value that exceeds $6 billion during the coming 10-15 years," a company statement said, citing the Kuwaiti Islamic lender's international real estate development manager Ali al-Ghannam. It did not say how much KFH planned to invest.

The company would develop office towers, educational institutions, technology and services centres, shopping malls and a residential area, it said.

In November, an Iskandar official said the project, which aims to create a business hub in southern Malaysia, was seeing lower investor interest due to the global financial crisis.

Much of the investment in Iskandar from the Gulf Arab region has gone into real estate. Abu Dhabi investment agency Mubadala Development Co, Aldar Properties and Dubai-based Limitless have also signed up for the project.






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