Malaysia’s MMC signs $4.7bn port deal with Dubai

Malaysian infrastructure and energy group Malaysia Mining Corp (MMC) signed a maritime and property pact worth 16 billion ringgits ($4.7 billion) with an investment unit of the Dubai government, MMC said on Monday.

Under the pact, MMC and Dubai World will consider developing a maritime centre including an oil terminal, drydocks, a shipyard and cargo handling facilities in Malaysia’s southern Johor state, MMC said in a statement.