KUALA LUMPUR: Dubai-based Bin Zayed International LLC aims to bring RM100bil in foreign direct investment into Malaysia in phases over the next few years, starting with The Langkasuka mixed-development being developed in partnership with Widad Business Group Sdn Bhd.

       In a statement, Widad group executive chairman Tan Sri Muhammad Ikmal announced that the RM40bil Langkasuka in Langkawi is expected to hold its groundbreaking ceremony in the second quarter of 2022.

       Phase one of the 2,000-acre development, which has an estimated gross development value of RM4.5bil, will comprise a golf course, villa resort homes, a shopping mall, bazaar, five-star hotel and luxury condominiums.

       "As committed earlier, both WBG and BZI are working fast in making this mega project a grand success.

       "Our JV company, Widad BZI Sdn Bhd is currently securing necessary approvals to complete the project as scheduled," he said.

       Meanwhile Bin Zayed managing director Sheikh Midhat Kidwai said it is 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," he said.

       Bin Zayed and Widad entered into a joint-venture agreement on March 7, 2022, which gives Widad 70% control of equity interest in Widad BZI and the remaining 30% to Bin Zayed.