Dubai-based Bin Zayed International LLC (BZI), via its joint venture with Widad Business Group Sdn Bhd (Widad), aims to bring in RM100 billion worth of foreign direct investment (FDI) into Malaysia over the next few years.
Managing director Sheikh Midhat Kidwai said the FDI will be secured in phases starting with the development of “The Langkasuka”, a RM40 billion project in Langkawi, with its groundbreaking ceremony scheduled to be held in the second quarter of this year.
The mixed-development project will be jointly developed by BZI and the construction and integrated facilities management conglomerate, Widad.
Phase one of the project is expected to be completed within four years.
“However, we see that there is room for further growth and hence, BZI is partnering with Widad to explore the huge potential, to be delivered in phases starting with the development of Langkasuka,” Sheikh Midhat said in a statement.
Meanwhile, Widad group executive chairman Tan Sri Muhammad Ikmal said both Widad and BZI are working fast in making this mega project a grand success.
“Our joint-venture company, Widad BZI Sdn Bhd, is currently securing necessary approvals to complete the project as scheduled.
“The gross development value for phase one of the Langkasuka development is estimated to be RM4.5 billion,” he said.
BZI is part of the Bin Zayed Group, a Dubai-based conglomerate that specialises in construction and energy, trading and industry, real estate, technology and financial services.
It is owned by Sheikh Khaled Zayed Al Nahyan, a senior member of the Abu Dhabi royal family.
BZI and Widad had entered into a joint-venture agreement on March 7, 2022, pursuant to the collaboration agreement signed on March 30, 2021.
The agreement enables Widad to control a 70 per cent equity interest in Widad BZI, while BZI will own the remaining 30 per cent stake. — BERNAMA