Aabar sets sight on Tun Razak Exchange
Abu Dhabi-based investment company Aabar Investments reportedly plans to make “a significant investment” in Malaysia’s new Tun Razak Exchange (TRX) project, the ambitious business and residential property development project by 1Malaysia Development Bhd (1MDB), Malaysia’s StarBiz newspaper wrote on March 8.
However, Aabar did not reveal the size of the possible investment. In 2012, there have been news about a “strategic investor” for TRX that had pledged $1.1 billion to construct the first phase. It was reported then that the Abu Dhabi government, via Mubadala Development Co, could be the key strategic investor.
TRX is planned to be launched as Kuala Lumpur’s new financial district with a development value of $8.5 billion, expected to attract over 250 global companies, create 500,000 jobs directly and indirectly and slated to become a global center for international finance, trade and services. Construction of the massive development on more than 28 hectares in central Kuala Lumpur would take up to 15 years. The site will house the Bursa Malaysia and the Securities Commission as well.
With the first phase expected to be completed in 2016, the TRX will have offices, residences, retail space and public institutions. A 6-hectares park is also included in the heart of TRX.
To attract foreign investment into TRX, the Malaysian government had said that some of the incentives were an income tax exemption of 100 per cent for 10 years, a stamp duty exemption on loan and service agreements, an industrial building allowance and an accelerated capital allowance for companies. Property developers that qualify for the TRX project would also enjoy a 70 per cent income tax exemption for five years.
Aabar is already invested in Malaysia through a 25 per cent stake in RHB Capital Bhd.
[caption id="attachment_7506" align="alignleft" width="300"] Click to enlarge[/caption] Abu Dhabi-based investment company Aabar Investments reportedly plans to make "a significant investment" in Malaysia's new Tun Razak Exchange (TRX) project, the ambitious business and residential property development project by 1Malaysia Development Bhd (1MDB), Malaysia's StarBiz newspaper wrote on March 8. However, Aabar did not reveal the size of the possible investment. In 2012, there have been news about a “strategic investor” for TRX that had pledged $1.1 billion to construct the first phase. It was reported then that the Abu Dhabi government, via Mubadala Development Co, could be the key strategic investor....
Abu Dhabi-based investment company Aabar Investments reportedly plans to make “a significant investment” in Malaysia’s new Tun Razak Exchange (TRX) project, the ambitious business and residential property development project by 1Malaysia Development Bhd (1MDB), Malaysia’s StarBiz newspaper wrote on March 8.
However, Aabar did not reveal the size of the possible investment. In 2012, there have been news about a “strategic investor” for TRX that had pledged $1.1 billion to construct the first phase. It was reported then that the Abu Dhabi government, via Mubadala Development Co, could be the key strategic investor.
TRX is planned to be launched as Kuala Lumpur’s new financial district with a development value of $8.5 billion, expected to attract over 250 global companies, create 500,000 jobs directly and indirectly and slated to become a global center for international finance, trade and services. Construction of the massive development on more than 28 hectares in central Kuala Lumpur would take up to 15 years. The site will house the Bursa Malaysia and the Securities Commission as well.
With the first phase expected to be completed in 2016, the TRX will have offices, residences, retail space and public institutions. A 6-hectares park is also included in the heart of TRX.
To attract foreign investment into TRX, the Malaysian government had said that some of the incentives were an income tax exemption of 100 per cent for 10 years, a stamp duty exemption on loan and service agreements, an industrial building allowance and an accelerated capital allowance for companies. Property developers that qualify for the TRX project would also enjoy a 70 per cent income tax exemption for five years.
Aabar is already invested in Malaysia through a 25 per cent stake in RHB Capital Bhd.
