Tun Razak Exchange

The Kuala Lumpur International Financial District (KLIFD) is a proposed joint property development comprising office towers for finance and banking, residences and retail spaces between 1Malaysia Development Berhad (1MDB) and the Mubadala Development Company on a plot of land covering 34.4 hectares near Jalan Tun Razak, Kuala Lumpur. Ownership of the land, known as Dataran Perdana, has been reportedly transferred from the Malaysian government to 1MDB.

On 21 May 2010, it was reported that invitations were sent out, presumably to a select group of VIPs and the media, to witness the groundbreaking ceremony on 29 May 2010, which was to be inaugurated by Prime Minister of Malaysia Datuk Seri Najib Tun Razak and General Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates (UAE) Armed Forces. However, the groundbreaking ceremony was called off and postponed indefinitely at the very last minute. No reason for the postponement was given.

The announcement of KLIFD came weeks after 1MDB reportedly signed a multi-billion ringgit development joint venture deal with Qatar Investment Authority for the Sungai Besi old airport site, dubbed the City of Malaysia. The site is currently the base for the Royal Malaysian Air Force.

In his speech on the 10th Malaysia Plan on 10 June 2010, Datuk Seri Najib Tun Razak said that the KLIFD and City of Malaysia are two of the many high-impact public-private partnership (PPP) projects that will help to drive the economic transformation agenda.

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Wikipedia