KUALA LUMPUR: KAJ Development Sdn Bhd, the developer of multi-billion ringgit Melaka Gateway, has attracted local and foreign investors to build the PME1 component of the mega project.
KAJ on Wednesday said it had signed a Memorandum of Understanding (MoU) and exchanged two Memoranda of Agreement (MoA) with investors for the development of PME1 on reclaimed land.
The signing and document exchange ceremonies were held in Dubai, United Arab Emirates in conjunction with Expo 2020 Dubai.
KAJ penned the MoU with Dubai Integrated Economic Zones Authority.
It will see both parties collaborating in the investment and operation of the proposed free trade zone at PME1.
“The FTZ is expected to turn Melaka Gateway into a dynamic business hub for global trade,” KAJ said in a statement.
The first MoA was between KAJ nominee MG Velocity Sdn Bhd and X Infinity Property Sdn Bhd as well as Total Group Bhd.
The agreement will see the three companies join hands for the development of Melaka International Cruise Terminal (MICT) at PME1.
Set to house CIQ facilities, a duty-free mall, retail space and a luxury hotel, the development of MICT will be driven by a RM1.5 billion investment.
The MICT is projected to be completed in 2025.
KAJ said the development of PME1 will also involve the construction of a world-class modern theme park.
Soon to offer 24 exciting rides and attractions, the RM1.5 billion theme park is expected to allure more than five million visitors annually.
KAJ signed an MoA with an investment holding company, Assetwall Sdn Bhd, for the development of the stateof-the-art theme park.
The theme park is scheduled to be completed by early 2026.
Overall, Melaka Gateway is touted to be an integrated world-class development, investor-friendly, a public-sector initiative delivered and driven by private sector.