Background
The development was launched in Cityscape Dubai, an annual property investment event held by the Gulf Cooperation Council. The development of this zone is undertaken by a public-private partnership involving several notable companies such as Kuwait Finance House and Iskandar Investment Berhad.
Two companies have been set up with Middle Eastern partners to facilitate the development of this region, which are Global Capital and Development Sdn Bhd and Medini Central Sdn Bhd. The two companies will enter a strategic partnership with Iskandar Investment Berhad to jointly develop the region, which will commit US$1.2 billion as the initial development fund.
The gross development value (GDV) stands at US$20 billion spanning 15 to 20 years. It is expected that 40% of the project will be completed in year 2014.
Medini, name derived from the ancient name of the southern tip of Peninsula Malaysia, Ujong Medini, is the key inspiration for naming this development zone as Medini Iskandar Malaysia.
Read more about this topic: Medini Iskandar Malaysia
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