{"id":43125,"date":"2017-02-07T11:31:14","date_gmt":"2017-02-07T04:31:14","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/after-abu-dhabi-saudi-arabia-halts-investment-in-johor\/"},"modified":"2017-02-07T11:35:52","modified_gmt":"2017-02-07T04:35:52","slug":"after-abu-dhabi-saudi-arabia-halts-investment-in-johor","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/after-abu-dhabi-saudi-arabia-halts-investment-in-johor\/","title":{"rendered":"After Abu Dhabi, Saudi Arabia halts investment in Johor"},"content":{"rendered":"


\nPotential jobs creators peter out in Malaysia
\nSegget River in Johor Bahru, the most southern city in Malaysia. HitManSnr\/Shutterstock
\nThe withdrawal of Saudi Arabian Oil Company (Saudi Aramco) from a multibillion-dollar investment in Johor has dealt a blow to the Malaysian state\u2019s thrust to become an economic development juggernaut, Straits Times reported.
\nThe petroleum giant pulled out from the USD27-billion Refinery and Petrochemical Integrated Development (RAPID) project in\u00a0Pengerang, Johor, leaving Petroliam Nasional Bhd (Petronas) in the joint venture,\u00a0Malaysia\u2019s Second Finance Minister Johari Abdul Ghani revealed to reporters last week.
\nSaudi Aramco has not stated an official reason for the withdrawal, but its decision mirrors a growing list of fossil fuel companies scaling back on expansion plans worldwide due to the oil price slump. Petronas\u2019 wherewithal to forge ahead with the project has been put into question, with the company having announced last year that it would cut spending by up to MYR50 billion ringgit (USD11.27 billion) over the next four years.
\nMore: Should Johor be worried about ghost towns?
\nEmbattled Malaysian Prime Minister Najib Razak counted on the infusion of Middle Eastern capital into Johor as a potent employment generator and boost to the country\u2019s faltering economy.\u00a0Malaysia\u2019s\u00a0GDP dipped from USD10,737 per capita in 2014 to USD10,222 in 2015.
\nThe pullout follows that of\u00a0several Abu Dhabi investors from the Tun Razak Exchange real estate development near Kuala Lumpur in the wake of a\u00a0dispute between the Malaysian state investment fund 1MDB and Abu Dhabi\u2019s International Petroleum Investment Company (IPIC).
\nMubadala Development Group and Aldar Properties, both\u00a0real estate developers in Abu Dhabi, and\u00a0Kuwait Finance House, have backed out of\u00a0plans to develop a 930-hectare, mixed-use development called Medini, envisioned as a financial hub in Johor. A 2013 pledge by Abu Dhabi\u2019s Sheikh Mohammed bin Zayed to set up a USD7-billion\u00a0oil storage facility in Tanjung Piai has also stalled.
\nRead next: Why Malaysia\u2019s market woes may soon be over
\n
\nSource : property-report.com
\nRead more…After Abu Dhabi, Saudi Arabia halts investment in Johor<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Potential jobs creators peter out in Malaysia Segget River in Johor Bahru, the most southern...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-43125","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-bdz","jetpack-related-posts":[{"id":37426,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/iskandar-malaysia-is-not-oversupplied-says-johor-prince\/","url_meta":{"origin":43125,"position":0},"title":"Iskandar Malaysia is not oversupplied, says Johor prince","date":"December 8, 2016","format":false,"excerpt":"\r Just wait and see how the growth corridor will look like in 9 years Float parade in Danga Bay, the largest recreational park in Johor, Malaysia. tristan tan \/ Shutterstock.com Johor Crown Prince Tunku Ismail Ibrahim downplayed speculation that Iskandar Malaysia, the expansive economic growth corridor near the Singaporean\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":38755,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-biz-needed-around-malaysia-singapore-rapid-transit-line\/","url_meta":{"origin":43125,"position":1},"title":"More biz needed around Malaysia-Singapore rapid transit line","date":"December 21, 2016","format":false,"excerpt":"\r Job creation will reinvigorate property scene Permas Jaya in Johor Malaysia. Yusoff Jalil\/Shutterstock While Singapore and Malaysia are set to be closer than ever through the construction of the Rapid Transit System (RTS), the areas\u00a0around the line still lack enough economic activity to foster a fast-growing real estate market.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42551,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-johor-be-worried-about-ghost-towns\/","url_meta":{"origin":43125,"position":2},"title":"Should Johor be worried about ghost towns?","date":"February 1, 2017","format":false,"excerpt":"\r Residential developments in Iskandar Malaysia might be wanting of occupants, analysts fear Workers on the way to Singapore from Johor Bahru. nashriq mohd\/Shutterstock The massive developments in Johor could become ghost towns when they are completed, reported Free Malaysia Today. Chartered surveyor Ernest Cheong is worried that there would\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":36220,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/this-usd100-billion-city-near-singapore-scares-the-hell-out-of-everybody\/","url_meta":{"origin":43125,"position":3},"title":"This USD100 billion city near Singapore \u201cscares the hell out of everybody\u201d","date":"November 28, 2016","format":false,"excerpt":"\r Chinese developers are swamping the market Johor Bahru, Malaysia. Hamdi Bin Zainal\/Shutterstock Rather than join the fierce, oft-expensive competition for land in Singapore, Chinese property developers are on a building spree outside the city-state, close to the Malaysian border. Companies such as Country Garden, Greenland Group, and Guangzhou R&F\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22490,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/10-reasons-why-you-should-invest-in-iskandar-malaysia\/","url_meta":{"origin":43125,"position":4},"title":"10 reasons why you should invest in Iskandar Malaysia","date":"August 10, 2016","format":false,"excerpt":"\r Real estate author\u00a0Khalil Adis\u00a0lists his top 10 here Aerial view of Senibong Cove with the Straits of Johor and Sembawang Shipyard at the backdrop. (Photo: Khalil Adis Consultancy) There are many opportunities to be sought in Iskandar Malaysia in 2016. Reason 1: Iskandar Malaysia is the top performing economic\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101189,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-bridge-to-link-singapore-and-jb\/","url_meta":{"origin":43125,"position":5},"title":"New bridge to link Singapore and JB","date":"November 13, 2018","format":false,"excerpt":"\r Artist\u2019s impression of the crooked bridge. Some of the mega projects set to be implemented by the Johor state government next year include the construction of a part of a bridge that will link Johor Bahru and Singapore, reported Channel NewsAsia. \u201cThe bridge could be crooked or straight, but\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/43125"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=43125"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/43125\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=43125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=43125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=43125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}