Dooilglobal(representative: Park Sang Su) and KBBB(KOPERASI BUMIPUTERA BERSATU BERHAD), the promotion committee of the 'Wawasan Brunei 2035', the development project of the nation of Brunei have agreed to establish the special purpose corporation to conduct business. (Photo: DIG president Park-sang su)
At October 14 in national assembly member's office, Roni Binti Bawai and the princess from the royal Brunei family including Suharani Binti Haji A Ladi, chairman of KBBB, RHB bank vice-chairman Mohd Razif Bin Mohd Nor have attended with executives from domestic construction firms and journalists. Dooil have announced that they have agreed to establish a SPC at Brunei, to begin the business by the overall management of MOA at august 21st, which was signed with KBBB, an executive organ.
50 billion dollars to be invested in the Brunei land development project "Wawasan Brunei 2035"
(Photo: DIG president Park-sang su (left) and KBBB chairperson is showing the agreement of the SPC establishment.)
"Wawasan Brunei 2035" project, also known as the 'King's vision 2035" has been freed from the economic structure of relying solely on natural resources under the lead of the Brunei king. And when TFT was made by the government to establish economic development policies at the macroscopic view, such as resident stability, commerce and tourism, KBBB (the Brunei promotion committee) was established.
This project plans to invest total of 50 billion dollars (55 trillion won) to construct over 100,000 private residents, Vassa institute international technology education center, 1000 halal factories, 4 regional halal supermarkets, Koperasi international trade center, Bumiputera SME commercial complex, a new international airport, two of the seven-star hotel, convention center, agricultural and marine industrial cities.
For this, it is known that the Brunei government has selected RHB of Malaysia as the supervising bank, depositing the working budget while concluding an agreement on payment guarantees of engineering costs, drawing a master plan of the project.
"For two times last month we have hosted business presentations to win contracts related to this project, and executives from over 30 big domestic construction companies have attended." The person from DIG said, adding "if the business boosts visibly from this SPC establishment, the process of this project will also be faster."
The president Park-Sang su announced at the greeting that "this project is a large-scaled national project of Brunei and it could be fully completed under the experience and technology of Korean construction industry", requesting interests and cooperation of relatives for the interest of the nation.
Meanwhile, this project is a contracted construction ordered from the government of Brunei republic. KBBB will secure the plan and funds for the project, and DIG will be in exclusive charge of selecting the constructor and management of the construction. The overall business management and enforcement will be controlled by a special purpose corporation. Also, the cost of construction will be given by the advances received and the progress of the construction, which will be looked after by Malaysian RHB bank.
(Photo: DIG, the founder of SPC, KBBB authorities. Many authorities from big domestic construction firms have attended and shown interest at this event, which was held at national assembly member's office)