KUALA LUMPUR, Nov. 6 (Xinhua) -- Kuwait Finance House (KFH), one of the largest Islamic banks in the world, is looking for partners to develop the 249.6-hectare cultural and heritage zone in the Malaysian southern economic corridor, Iskandar Development Region (IDR).
"We are eyeing partners from Singapore, Japan, Middle East, Australia and China, in addition to the companies in this country to develop the site which was brought for 300 million U.S. dollars," said K. Salman Younis, managing director of KFH (Malaysia) Bhd, after the launch of its awareness campaign in Johor Baharu, capital city of southern Johor state on Tuesday.
The IDR which spreads over an area of 2,240 square kilometers lies on the southern tip of Johor and is touted as the new growth corridor where multi-billion ringgit investments are expected.
"We will also work closely with 2 consortiums from the Middle East to develop the entertainment industry, education, healthcare and financial products in the region," Malaysian national news agency Bernama quoted Younis as saying.
The development of the zone would be its initial project in the IDR before participating in the subsequent programs in the region, Younis said.
The details on the partnerships would be unveiled in 3 months, he said.
KFH would work closely with the federal and state governments to ensure the success of IDR which would benefit the economy and people, Younis said.
Earlier, in his speech, Younis said the campaign aimed to introduce the bank to the people.
KFH would set up a branch in Johor Baharu, its first outside Kuala Lumpur, by the first quarter next year, he said.
Headquartered in Kuwait, KFH's business covers corporate, investment, commercial and retail banking. Kuwait Finance House (Malaysia) Bhd is part of its expansion program.
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