PETALING JAYA: Global investment conglomerate, Bin Zayed International Group of Companies (BZI), has officially confirmed its withdrawal from the RM40bil Langkasuka project in Langkawi.
Managing Director of Bin Zayed International (M) Bhd, Datuk Seri Dr Shamir Kumar Nandy, explained that the decision was made to focus on better opportunities.
"We are no longer involved in the Langkasuka project. Since 2022, we have decided to withdraw and concentrate on more viable opportunities with greater potential," he said in a Sinar Harian report.
He made these remarks to reporters after the inauguration of the group’s Malaysian office at Tun Razak Exchange on Friday (Nov 22).
Also present were BZI Chairman Sheikh Khaled Zayed Saquer Zayed Al Nahyan; Speaker of the House of Representatives, Tan Sri Dr Johari Abdul; Group Managing Director of BZI, Sheikh Midhat Kidwai; and Bollywood icon Datuk Shah Rukh Khan.
In 2021, Widad Business Group Sdn Bhd entered into a strategic partnership with BZI to develop a mixed-development project valued at RM40bil, known as Widad@Langkasuka in Langkawi.
In a related development, Shamir announced BZI’s commitment to invest US$2bil (US$1 = RM4.466) in Malaysia over the next five years.
"As part of our strategic expansion plan, we will focus on real estate, renewable energy, and financial services to attract investments into Malaysia.
"There is immense potential in these sectors in Southeast Asia. This US$2bil investment is only an initial benchmark and could increase as more opportunities arise," he said.
Besides Malaysia, BZI also operates offices in Singapore.
Shamir added that the company has already initiated several property projects, including one in Kulim, Kedah, and two in Kuala Lumpur.
Apart from real estate, BZI has identified companies in the renewable energy sector to support its expansion plans in Malaysia.
"We have pinpointed specific companies and are in discussions with them to understand their needs and help position them as global players as quickly as possible," Shamir said.
Meanwhile, Johari, in his speech, highlighted the strengthening ties between Malaysia and the United Arab Emirates as reflected in their collaboration.
"We believe that with BZI’s expertise, vision, and commitment to innovation, Malaysia will become a central business hub in Southeast Asia.
"As Malaysia prepares to chair Asean in 2025, our focus on inclusivity and sustainability will drive efforts to promote peace, stability, and shared prosperity in the region," he said.
Johari also emphasised that the government remains committed to collaborating with the private sector to create policies that foster growth and a competitive business environment in Malaysia.
