Abu Dhabi's Aldar Properties and Mubadala Development, together with partners Kuwait Finance House and Millennium Development International, of Lebanon, have so far invested Dh800m (US$217m) in Medini, a Dh73.4 billion urban development in Malaysia. The firms signed up to the project, which is being developed by Iskander Investment Berhad (IBB) in the state of Johor, last year. Together they pledged a total investment of Dh4.4bn over three to five years.
"Our partners have paid over a third of the total amount," said Arlida Ariff, the managing director of IBB. "The commitment indicates that it's a project we're serious about." Spread across 103.8 million square feet of land, Medini will be constructed over 15 to 20 years. It will be made up of nine clusters, including Iskandar Financial District (IFD), South East Asia's first Islamic and conventional finance hub.
It will also include a mix of leisure, residential and commercial components. agiuffrida@thenational.ae
