The Langkasuka development project in Langkawi is expected to start in Q2 of 2022

KUALA LUMPUR (March 10): The Langkasuka project in Langkawi will kick start in the second quarter of 2022.

This mixed-development project will be developed in two phases on a 2,000 acres plot. The first phase will be developed over the next four years with an estimated gross development value of RM4.5 billion. 

The first phase will consist of an international standard and tournament-ready golf course by the sea, lush villas and resort homes, a shopping utopia going by Designers’ Brand Mall, a shopping bazaar known as The Langkasuka Village, a 5-star hotel and luxurious condominiums. 

It is jointly developed by Widad Business Group Sdn Bhd (WBG), construction and integrated facilities management companies, and Bin Zayed International LLC (BZI), a leading conglomerate with diverse business interests in the international markets. 

BZI managing director Sheikh Midhat Kidwaj has expressed his optimism towards the Malaysian market amidst the reopening of the international borders and saw opportunities to explore in Malaysia. 

“As the world is moving towards the reopening of international borders, we are optimistic about the prospects of The Langkasuka. Malaysia, and the Langkawi island in particular, 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 WBG to explore the huge potential.”

“The Langkasuka project is only the beginning of our investments into Malaysia, as we seek to capitalise on Malaysia’s huge opportunities by acquiring or investing in more concessions and infrastructure projects,” he adds.

In a press statement, WBG and BZI entered into a joint-venture agreement on March 7, 2022 to crystallise their partnership, pursuant to the Collaboration Agreement signed on March 30, 2021. 

The agreement was signed by Widad Business Group founder and group executive chairman Tan Sri Muhammad Ikmal and group chief executive officer Datuk Mohd Rizal Mohd Jaafar. Meanwhile, on behalf of BZI, the agreement was signed by managing director Sheikh Midhat Kidwai.

With that agreement, WBG will control a 70% equity interest in Widad BZI, while Dubai-based BZI will own the remaining 30% stake. 

BZI is a leading conglomerate owned by Sheikh Khaled bin Zayed Al Nahyan, who is the senior member of the Abu Dhabi royal family. It is a Dubai-based conglomerate that specialises in construction and energy, trading and industry, real estate, technology and financial services. The company was first established in 1988.

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