· Strategic venture with the Brunei Government and Darussalam Assets, an Investment Holding Company owned by the Minister for Finance Corporation
· Strategic partnership for the development of a Special Economic Zone and potential collaboration on other social infrastructure projects
· CFLD International to set up a subsidiary in Brunei to carry out project(s)
Singapore,  May 2017 – CFLD (Singapore) Investment Pte Ltd, the Government of Brunei Darussalam (“Brunei Government”) and Darussalam Assets Sdn Bhd ("Darussalam Assets") are pleased to announce that the three entities have signed a Memorandum of Understanding ("MOU") to enter into a strategic public-private partnership for the development of a Special Economic Zone in Brunei Darussalam using CFLD International's innovative new industry city model.
In an effort to stimulate economic growth in the country, the Brunei Government launched a long-term development plan, known as “Brunei Vision 2035”, aimed at achieving a highly educated and skilled population, a high quality of life, and a dynamic and sustainable economy.
Mr. Jerry Zhao, President of CFLD International, said, “As a leading international developer of innovative urban solutions and private-public model collaborations, CFLD International’s objectives of being a trusted advisor to governments and partnering in the creation and development of new industry cities and the fostering and development of tomorrow's industries and social value creation, are in line with the Brunei Government’s vision of transforming the nation into an international economic hub. We are delighted to be partnering with the Brunei Government and Darussalam Assets, and to be an active participant in Brunei Darussalam’s future development. Brunei Darussalam's highly educated workforce and strong infrastructure build-out are key strengths that we believe Brunei Darussalam can leverage to achieve significant socio-economic growth. This MOU speaks volumes about our commitment to Brunei Darussalam, which is one of our key growth markets in the region. We look forward to contributing to the Brunei Darussalam’s economy and its people.”
Darussalam Assets is a private limited company owned by the Minister for Finance Corporation. Darussalam Assets was established in 2012 to own government-linked companies, and to transform the companies into world-class organizations, as well as to take the lead in managing investment activities on behalf of the Minister for Finance Corporation and the Brunei Government in order to achieve development and economic diversification.
YB Pehin Orang Kaya Laila Setia Dato Seri Setia Awang Haji Abdul Rahman bin Haji Ibrahim, Minister at Prime Minister’s Office and Minister of Finance II, said, “The strategic partnership between the Brunei Government, Darussalam Assets and CFLD International is an innovative public-private partnership designed to stimulate and promote the successful growth of a knowledge-based economy and precipitate the successful economic transformation of Brunei Darussalam into a world-class economic hub whilst maintaining its cultural and social integrity and promoting its traditional values of friendship, compassion and social harmony. This will provide a substantive contribution to Brunei Darussalam’s diversification plan for the development of the service sector, tourism, industries and would seek to reduce the country's dependence on the oil and gas sector; whilst building the potential to attract foreign direct investment and generate strategic economic development, thus having an impact on citizens and residents of Brunei Darussalam through the generation of employment and business opportunities for local entrepreneurs and traders.”
Under the MOU, the parties will jointly co-invest and develop the Special Economic Zone, an area spanning approximately 40 square kilometers in the Jerudong waterfront and Tungku region to be developed under CFLD International's flagship new industry city model.
A global leader in providing integrated and innovative urban solutions, CFLD International specializes in master planning and infrastructure development.
YM Dato Paduka Dr Mohd Amin Liew bin Abdullah, Deputy Minister of Finance (Investment), and Deputy Chairman and Chief Executive Officer of Darussalam Assets, said, “This MOU paves the way for greater collaboration between CFLD International and Brunei Darussalam. The involvement of Brunei Government and Darussalam Assets in this strategic partnership shows our confidence in CFLD International’s abilities to harness public-private partnerships in developing successful New Industry Cities geared towards socio-economic development locally.”
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