KFH eyes partners for IDR project

JOHOR BAHARU, Nov 6 (Bernama) -- Kuwait Finance House (M) Bhd (KFH) is looking for partners to develop the 249.6-hectare cultural and heritage zone in the 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 US$300 million (US$1=RM3.35)," managing director, Datuk K. Salman Younis, told reporters after the launch of its awareness campaign here Tuesday.Johor State Economic Planning Unit director, Datuk Hamsan Saringat, launched the campaign.Younis said although the company has yet to work out the value of the partnerships they were expected to be worth billions of ringgit over the next 25 years."We will also work closely with two consortiums from the Middle East to develop the entertainment industry, education, healthcare and financial products in the region," he said.Younis said the development of the zone would be its initial project in the IDR before participating in the subsequent programmes in the region.He said the details on the partnerships would be unveiled in three months.Younis said KFH would work closely with the federal and state governments to ensure the success of IDR which would benefit the economy and people.Earlier, in his speech, Younis said the campaign aimed to introduce the bank to the people."We will hold similar campaign in key market centres throughout Malaysia," he said.He said KFH would set up a branch here, its first outside Kuala Lumpur, by the first quarter next year.