GEORGE TOWN: The Penang government will be looking for investors at an event in Abu Dhabi this weekend to fund the Penang Bay project, which is expected to give a boost to the George Town and Butterworth waterfront.
State executive councillor Jagdeep Singh Deo said he would lead a delegation of five state officials to the UN-Habitat’s World Urban Forum (WUF).
The Penang Bay is a long-term project undertaken by the Penang government and the George Town Conservation and Development Corporation and Think City.
It will see the waterfronts of the two cities turned into tech-driven, creative and innovation hubs, to attract international technology companies to set-up shop here.
At a press conference here, Jagdeep also said a design competition for the Penang Bay would be introduced at the forum. The competition will offer a total of RM250,000 in prize money to three winners.
“The Penang Bay project has been one of the nine selected from over 100 projects to be showcased during WUF’s investment-pitching session.
“A global investor panel, including financing companies and urban tech players, is expected to view our pitch,” he said.
Jagdeep said the Penang Bay project would benefit the people of Seberang Perai more as a central business district would be located in Butterworth.
At the same press conference, Think City programme director Matt Benson said the state was looking for a “pre-feasibility grant” for the Butterworth harbour area.
He said the Penang Bay plan would see a creative and technology-driven precinct in George Town, with a “high-speed ferry” connecting the city to Butterworth on the mainland.
Benson said in Butterworth, an innovation hub is being planned around the Penang Sentral hub and port facilities with “vertical factories” built for 5G wireless tech, together with education and recreation components.