Raffles Education Malaysia Ltd (REM), a wholly-owned subsidiary of Raffles Education Corporation Limited (REC), has signed a joint venture (JV) agreement with Education@Iskandar Sdn Bhd (EISB) to develop Raffles University Iskandar (RUI) in EduCity, Iskandar Malaysia (EduCity@Iskandar).
The agreements include a JV, sale-and-purchase agreement and deed of covenants.
“We are delighted to develop Raffles University Iskandar in partnership with EduCity@Iskandar,” said Mr. Chew Hua Seng, Chief Executive and Chairman of Raffles Education Corp.
“By offering our industry-oriented programmes, RUI will meet both the education and manpower needs of local, regional and the international community. As a self-accrediting university, RUI is a welcome addition to the group’s current portfolio of 38 colleges in 34 cities across 14 countries.”
Raffles Iskandar Sdn Bhd (RISB), which is a JV company between REC and EISB, will be responsible for the development and operation of the university, which is expected to be ready by 2013.
“Our partnership with Raffles Education Corp is another milestone for EduCity@Iskandar, representing additional knowledge gain as we strive to establish a leading education hub in Asia. Raffles Education Corp’s mission of providing world-class education for talent in Malaysia is also aligned with EduCity@Iskandar’s objective to provide a feeder system for the economic pillars of Iskandar Malaysia,” said Datuk Syed Mohamed Syed Ibrahim, CEO and President of Iskandar Investment and Chairman of EISB.
RUI will become one of the most prominent institutions in Educity@Iskandar, with an investment of approximately RM200 million. It is expected to enroll up to 5,000 students in its first five years of operations.
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