Malaysia's MMC Corporation Monday said it would partner Dubai World to build an ambitious 16 billion ringgit (4.7 billion dollars) maritime centre in southern Johor state facing Singapore.

MMC Corporation Bhd, a diversified group involved in power, construction and property development, said in a stock exchange filing that it had signed a memorandum of understanding with Dubai World, a holding company of the government of Dubai.

The proposed project, part of the Iskandar Development Region, would comprise oil terminal activities, dry docks, a shipyard, conventional cargo handling facilities, logistic parks and property development.

MMC said work was expected to commence later this year with the projects expected to become operational in the second half of 2010.

Recently, investors from the Middle East pledged to pump 1.2 billion dollars into the Iskandar Development Region, a new economic region in Johor.

Muslim-majority Malaysia has embarked on an ambitious development plan to spread growth and jobs in Johor state, and has been keen to attract investment from the Middle East.

Prime Minister Abdullah Ahmad Badawi hopes to attract 50 billion ringgit (14.2 billion dollars) to the Iskandar Development Region over five years.