MMC Corporation Bhd (MMC) announced it has signed a memorandum of understanding (MoU) with Dubai World to explore opportunities for joint development of a maritime centre masterplan.
The proposed projects will comprise oil terminal activities, drydocks, a shipyard, conventional cargo handling facilities, logistic parks and real property development in South Johor, including at MMC's property comprising 2,255 acres of landbank located at Tanjung Bin, Johor, it said in a filing to Bursa Malaysia.
According to MMC, the total estimated gross development value for the projects is RM16 billion, with the petroleum and maritime industrial zone at RM9 billion and the ports and logistics, drydocks, shipyard and associated real property development at RM7 billion.
The MoU aimed to leverage on the expertise and experience of Dubai World and further develop the hinterland in South Johor, where MMC's port subsidiaries, Pelabuhan Tanjung Pelepas Sdn Bhd and Johor Port Bhd, are located, the company said.
Another objective is to unlock the value of MMC's landbank in Tanjung Bin, it added.
Dubai World is set up by the Dubai government and is a holding company for a specific portfolio of the government's investments.
"The timeline for the commencement of the development is envisaged to be towards the later part of 2007 and projects are expected to become operational in the second half of 2010," MMC said.
The proposed projects will comprise oil terminal activities, drydocks, a shipyard, conventional cargo handling facilities, logistic parks and real property development in South Johor, including at MMC's property comprising 2,255 acres of landbank located at Tanjung Bin, Johor, it said in a filing to Bursa Malaysia.
According to MMC, the total estimated gross development value for the projects is RM16 billion, with the petroleum and maritime industrial zone at RM9 billion and the ports and logistics, drydocks, shipyard and associated real property development at RM7 billion.
The MoU aimed to leverage on the expertise and experience of Dubai World and further develop the hinterland in South Johor, where MMC's port subsidiaries, Pelabuhan Tanjung Pelepas Sdn Bhd and Johor Port Bhd, are located, the company said.
Another objective is to unlock the value of MMC's landbank in Tanjung Bin, it added.
Dubai World is set up by the Dubai government and is a holding company for a specific portfolio of the government's investments.
"The timeline for the commencement of the development is envisaged to be towards the later part of 2007 and projects are expected to become operational in the second half of 2010," MMC said.