ABU DHABI: Malaysia has invited the United Arab Emirates (UAE) to participate in the Bandar Malaysia development project in Kuala Lumpur, Prime Minister Datuk Seri Ismail Sabri Yaakob said.

He said the invitation was made during a meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan at the Presidential Residence here on Monday.

"I informed him about the development of Bandar Malaysia, which was done in several phases and several packages. I invite the UAE to be involved in the packages offered," he said at a press conference here.

Ismail Sabri, who arrived in the UAE capital on Monday morning for a four-day working visit, said the Cabinet had agreed to "revisit" the development of Bandar Malaysia with the principle that it should not be dominated by one or two companies alone.

He said the Ministry of Finance and the Economic Planning Unit (EPU) in the Prime Minister's Department are currently discussing development proposals and the packages that would be finalised.

"Bandar Malaysia also has a company that operates it. In principle, the proposed development is not much different from the previous one. The picture of how this project will be is already there, the presentation has been made...leaving only the details," he added.

Bandar Malaysia is a 196 hectares development by Bandar Malaysia Sdn Bhd (BMSB), which is a wholly-owned unit of TRX City Sdn Bhd, and is poised to be a world-class, master-planned development in Kuala Lumpur.

TRX City is a 100 per cent subsidiary of the Ministry of Finance.

On July 14, 2021, TRX City announced that the Restated and Amended Share Sale Agreement (RASSA) for the acquisition of 60 per cent shares in Bandar Malaysia Sdn Bhd by IWH CREC Sdn Bhd (ICSB) had lapsed.

The RASSA for the sale of 60 per cent shares of BMSB to IWH CREC Sdn Bhd (ICSB), the joint-venture between Iskandar Waterfront Holdings Sdn Bhd and China Railway Engineering Corporation (M) Sdn Bhd, was executed on Dec 17, 2019.

The parties were unable to mutually agree to the terms of the extension of the Condition Precedent Period, resulting in the agreement being deemed null and void, TRX City had said in the statement.

However, TRX City said it remained committed to realise the Bandar Malaysia vision.

-- BERNAMA