Malaysia-based internet company Catcha Group has launched Kuala Lumpur Internet City (KLIC), a digital hub in Kuala Lumpur to be built at a gross development value of $1.13 billion (MYR5 billion).
KLIC was launched on Wednesday when Digital Free Trade Zone (DFTZ) was announced by Prime Minister Najib Tun Razak and Alibaba’s Jack Ma at the Global Transformation Forum in Malaysia.
The digital hub, KLIC will spread across 5 million square feet that will be built over a 15-year period and aims to house at least 1,000 internet-related companies as tenants and become a hub to 25,000 tech professionals.
“KLIC is intended to be one of the world’s largest purpose-built digital hub for global tech giants from China, the US and around the world, regional leaders and local startups targeting Southeast Asia, one of the world’s fastest growing tech region,” Catcha said in a statement.
The group added that it will comprise key players within the tech ecosystem facilitating end-to-end support, networking and knowledge-sharing to drive innovation in the internet economy and the e-commerce industry.
“With all the key internet players based within a close proximity of each other and supported by the DFTZ, Malaysia will become the center of gravity for the internet ecosystem of ASEAN,” said Catcha Group’s co-founder and CEO, Patrick Grove.
Alibaba Group is setting up a trade and logistics hub in Malaysia as part of the Digital Free Trade Zone , the first such e-hub outside China for Alibaba. Meanwhile, Digital Free Trade Zone’s first phase will be to develop a regional e-commerce and logistics hub near the Kuala Lumpur International Airport that will be formally launched by 2019.