Genting Malaysia Invests In Resorts World Miami For US$3 Billion
Genting Malaysia (Genting) will invest US$3 billion (RM9.27 billion) in a master plan for Resorts World Miami, which is one of the largest projects in Florida, comprising about 10 million sq ft of mixed-use development. Rising from 5.62 hectares of bayfront land currently housing the Miami Herald Media Company, Resorts World Miami is located in the heart of the city of Miami, midway between Miami International Airport and Miami Beach. The company has also acquired all outstanding mortgages of the Omni Centre property, to the north and adjacent to the Miami Herald site. Including the acquisition of other properties, Genting has assembled a contiguous 12.14 hectares waterfront site overlooking the Bascayne Bay.
Significance: Genting chairman and chief executive officer Tan Sri Lim Kok Thay is optimistic that Resorts World Miami will accelerate Florida’s evolution as a global destination and likely create a successful destination resort in the Americas.
Proton In Strategic Partnership With Mitsubishi; Focus On Lotus Turnaround
Significance: Genting chairman and chief executive officer Tan Sri Lim Kok Thay is optimistic that Resorts World Miami will accelerate Florida’s evolution as a global destination and likely create a successful destination resort in the Americas.
Proton In Strategic Partnership With Mitsubishi; Focus On Lotus Turnaround
Mitsubishi Motors Corp (MMC) and Proton Holdings (Proton) will strengthen their strategic pact, with new projects to jointly develop engines, assemble MMC cars and share parts and components at Proton’s facilities. With this deal, Proton can also reduce its cost per unit by leveraging on economies of scale. The deal, which is part of MMC’s plan to expand its footprint in Asean, may also see the company providing its hybrid, electric and plug-in technologies to Proton. Meanwhile, Proton will also focus on turning around Lotus and does not intend to sell the loss-making sports car unit. It aims to cut losses at Lotus by 7% this year and expand Lotus’ presence overseas. Sales of Proton cars are also starting to pick up in China.
Significance: The strategic pact is a win-win situation for Proton and MMC as Proton can expand its line-up of cars while employing its under-utilised production capacity and create an additional income with contract assembly and Mitsubishi can benefit from low trade barriers in Asean.
PM Urges Local Investors To Drive Up Domestic Investments
Significance: The strategic pact is a win-win situation for Proton and MMC as Proton can expand its line-up of cars while employing its under-utilised production capacity and create an additional income with contract assembly and Mitsubishi can benefit from low trade barriers in Asean.
PM Urges Local Investors To Drive Up Domestic Investments
In view that Malaysia’s domestic investment is still a distance away from the full year target of RM94 billion, Prime Minister Datuk Seri Najib Razak urged more local investors to put their funds in the country, alongside the government’s incentives. Najib said the country requires domestic investments of about RM940 billion over 10 years in order to attain high-income and developed country status by 2020. Direct domestic investment (DDI) in manufacturing from January to July totalled RM15.9 billion. Separately, RM11 billion was poured into the services sector in the first quarter of the year, bringing the combined DDI to RM26.9 billion. Sectors which will be provided with high-impact funding include halal, green energy, biotechnology, aerospace, advanced electronics, pharmaceutical and medical devices and maintenance-repair-overhaul engineering industries.
Significance: In an effort to drive up confidence in domestic investors, the Malaysian government has guaranteed equal incentives to both local and foreign investors, and has assured the private sector that it has no plans to withdraw the re-investment allowance.
This article is contributed by Shares Investment. Visit Sharesinv.com for the latest Singapore, Malaysia and China stock market news and reports.
Significance: In an effort to drive up confidence in domestic investors, the Malaysian government has guaranteed equal incentives to both local and foreign investors, and has assured the private sector that it has no plans to withdraw the re-investment allowance.
This article is contributed by Shares Investment. Visit Sharesinv.com for the latest Singapore, Malaysia and China stock market news and reports.
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