Prime Minister Datuk Seri Najib Razak recently opened Kuala Lumpur’s new financial centre, located close to the Petronas Twin Towers. It has been named the Tun Razak Centre, after Najib’s father; Malaysia’s second Prime Minister.
Unlike many other major cities around the world, KL does not have a financial district, and it is hoped that the completion of the Centre will attract major multinational firms and financial institutions. The centre will also have commercial, retail, and hospitality tenants.
The financial centre covers an area of 70 acres (28.3 hectares). It is a critical part of the government’s Economic Transformation Programme and is expected to contribute to making Malaysia a centre for trade and finance. The goal is to attract around 250 companies and create some 500,000 new jobs. The first phase of the Centre is due for completion by 2016 and, according to the Prime Minister, has already attracted a strategic investor who has pledged RM3.5 billion for the project. Malaysia has already had some success in global finance; it is the world’s largest Islamic Bond market and a leader in Islamic Finance.
Qualified companies that become tenants of the new Centre will be eligible for various financial incentives.
Read more: Financial Times Highlights Malaysia’s Booming Economy
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