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Foreign Developer Proposes 7,000-Acre Project in Sittwe

YANGON—Foreign developer Gold Coast KTMG Myanmar has proposed a US$38 billion “new city” project in the suburbs of Sittwe, Rakhine State’s capital. Sittwe is near eight townships in northern Rakhine currently affected by armed clashes. A KTMG delegation met with U San Kyaw Hla, the speaker of the Rakhine State parliament, and a group of […]

Myanmar economy to rebound

Despite Myanmar’s economic growth having declined to 6.2 per cent last year from 6.8 per cent in 2017 , the nation remains resilient and is expected to return to growth of 6.5 per cent this year and 6.6 per cent next year, according to WB economists. Andrew Mason, World Bank’s acting chief economist for East […]

Singapore Myanmar Investco reports encouraging initial retail results at Yangon International Airport

Singapore Myanmar Investco Limited has reported revenue of US$13.3 million in its travel and fashion retail segment for the year ended 31 March 2017. Subsidiary SMI Retail only began duty free operations at Yangon International Airport in September 2016, meaning there is little meaningful basis for year-on-year comparison. The company was awarded contracts for duty […]

Myanmar weighs infrastructure, strategic ties to China

Two big decisions will sway Yangon’s strategic posture with neighbour to the north MAY 31, 2017 by: Mark Canning Xi Jinping, China’s president, staged an impressive show for Asean leaders attending his summit in Beijing this month. The assembled politicians received the intended message loud and clear — that their countries stand to benefit from […]

Myanmar-Japan joint venture eyes infrastructure investment

A joint venture between Myanmar’s leading heavy machinery distributor, Myanmar Kaido Co, and Japanese trading giant Mitsubishi Corp aims to capitalise on the rapid development of the Southeast Asian country’s urban infrastructure through the rental of construction and other equipment. An opening ceremony for the joint venture, Diamond Rental Myanmar Co, 50% owned by Mitsubishi, […]

IGT raises $122m for telecoms tower building

Irrawaddy Green Towers (IGT) has borrowed US$122 million from a group of European development finance institutions to fund part of its rollout. The syndicated loan forms part of a $230 million IGT investment plan, although the firm’s total infrastructure investment is likely to be even higher, said a spokesperson at one of the lenders. Dutch […]