The Langkasuka, an RM40 billion mixed-use complex in Langkawi, will have its groundbreaking ceremony in the second quarter of this year.
The 809.7-hectare development is a joint venture between Widad Business Group Sdn Bhd (WBG) and Dubai-based Bin Zayed International LLC (BZI), according to a statement released today.
WBG and BZI will commence The Langkasuka with phase 1, which has a gross development value of RM4.5 billion and will be completed in four years.
Phase 1 will include an international grade and tournament-ready golf course by the sea, luxury villas, a shopping utopia named Designers' Brand Mall with international brand names, a shopping bazaar called The Langkasuka Village, a five-star seafronting hotel, and luxurious residences.
According to the statement, WBG and BZI signed a joint-venture agreement on March 7, 2022, to further solidify their partnership, pursuant to the collaboration agreement inked on March 30, 2021.
WBG founder and executive chairman Tan Sri Muhammad Ikmal and group chief executive officer Datuk Mohd Rizal Mohd Jaafar signed the agreement on behalf of the firm, while BZI managing director Sheikh Midhat Kidwai signed on behalf of the company.
WBG will own a 70 per cent equity part in Widad BZI Sdn Bhd, the joint venture company formed for the development, while BZI will own the remaining 30 per cent.
"As the world is moving towards the re-opening of international borders, we are optimistic about the prospects as Malaysia and Langkawi have always been well-received among international business and leisure travellers.
"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 the statement.
BZI plans to bring in RM100 billion in foreign direct investment (FDI) into Malaysia over the next few years, according to him.
He said that the FDI will be secured in stages, beginning with the construction of The Langkasuka.
BZI is a subsidiary of the Bin Zayed Group, a Dubai-based conglomerate with interests in building, energy, trading, real estate, technology, and finance. It is owned by Sheikh Khaled Zayed Al Nahyan, a prominent member of the Abu Dhabi royal family.
Widad and BZI, according to Muhammad Ikmal, are working hard to make The Langkasuka a success.
Widad BZI, he claimed, is now obtaining the required approvals to execute the project on time.