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Dubai in MOU to develop new Malaysian maritime hub

Dubai in MOU to develop new Malaysian maritime hub

Kuala Lumpur: Malaysian power, construction and property group MMC Corp announced last week in a stock exchange filing that it had signed an Memorandum of Understanding with Dubai World to build a new $4.6bn maritime centre in the southern state of Johor, opposite Singapore.

The project would form part of the Iskander Development Region and would comprise oil and cargo terminals, a shipyard, drydocks, logistics parks and property development, MMC said.

Dubai World is a state-owned holding group comprising the property, free zone, ports (DP World) and shipyard (Drydocks World) activities of the UAE emirate. [01/10/07]