KUALA LUMPUR: Widad Business Group Sdn Bhd (WBG) will collaborate with Bin Zayed International LLC (BZI) to jointly undertake a RM40bil mixed development known as Widad@Langkasuka in Langkawi.
WBG, which is an integrated facility management, property and construction conglomerate, will own 50% of the joint venture.
“It is a 50:50 project. We will develop the first phase and all in all, there are about four more phases to go, ” WBG founder and group executive chairman Tan Sri Muhammad Ikmal said.
He was speaking to reporters on the sidelines of the signing of the collaboration agreement yesterday.
BZI is part of the Bin Zayed Group, which is a Dubai-based conglomerate that specialises in construction and energy, trading and industry, real estate, technology and financial services.
BZI was established in 1988 by Sheikh Khaled Bin Zayed Al Nahyan, a senior member of the Abu Dhabi royal family and a prominent business leader and philanthropist in the Gulf states.
Muhammad Ikmal added that Widad@Langkasuka is a development that is set to transform the landscape of Langkawi and Kedah.
“For a project of such size and significance, it is important that we collaborate with a partner that possesses the necessary technical expertise and share the same vision as we do.
“Therefore, WBG is honoured for the opportunity to work with the Bin Zayed Group and Sheikh Khaled, and we look forward to combining our strengths to ensure its successful completion, ” he said.
The entire project has an estimated gross development value of RM40bil that would be developed over 15 to 20 years.
It is a modern development with an Islamic and tropical vernacular concept that will change the landscape of Langkawi and aims to become the island’s main attraction, WBG said in a statement.
It added that currently, almost 90% of the 1,979-acre site consists of the ocean, and WBG intends to build a man-made island which will eventually span about 1,000 acres or 50% of the entire area.
Once completed, WBG said it is envisaged that Widad@Langkasuka will comprise tourism components such as five and six-star hotel and resorts, an international golf course located beside the Marina Yacht Club, an international business and office complex, shopping malls, higher learning institutions, healthcare facilities and luxury residences.