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KUALA LUMPUR, Mar 31, 2021 - (ACN Newswire) - Widad Business Group Sdn Bhd (WBG), an integrated facility management, property and construction conglomerate, has signed a Collaboration Agreement with Bin Zayed International LLC (BZI) to jointly develop the RM40 billion mixed-development project known as Widad@Langkasuka in Langkawi.
The signing ceremony held yesterday at Grand Hyatt Kuala Lumpur was witnessed by Prime Minister Y.A.B. Tan Sri Dato' Haji Muhyiddin Bin Haji Mohd Yassin, Chief Minister of Kedah Y.A.B. Tuan Haji Muhammad Sanusi Bin Md Noor, Y.B. Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali, and Y.B. Widad Business Group founder and group executive chairman Tan Sri Muhammad Ikmal.
The agreement was signed by Widad Business Group executive director Dato' Dr Rizal and Bin Zayed International Group Managing Director Sheikh Midhat Kidwai, paving the way for both parties to jointly develop and construct Widad@Langkasuka. They will also be working together to coordinate with the state government and relevant contractors and consultants concerning the infrastructural development, construction and other works comprised in the project.
BZI is part of the Bin Zayed Group of Companies, 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 by Sheikh Khaled Bin Zayed Al Nahyan, a senior member of the Abu Dhabi royal family as well as a prominent business leader and philanthropist in the Gulf states.
Sheikh Khaled holds pivotal positions in several private and public organizations. Currently, he is Chairman of Injaz, a youth-centred non-profit organization, as well as President of the UAE Sailing and Rowing Federation. He previously served as Chairman of Tamweel, a Shariah-compliant property mortgage and finance corporation and Vice-Chairman of Dubai Islamic Bank.
Meanwhile, Widad Business Group is a wholly Bumiputera private company owned by Kedah-born Tan Sri Muhammad Ikmal Opat bin Abdullah, who is also a majority stakeholder of Bursa-listed Widad Group Berhad and Dataprep Holdings Berhad.
Tan Sri Muhammad Ikmal said: "Widad@Langkasuka is a development that is set to transform the landscape of Langkawi and the state of 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 shares the same vision as we do. Therefore, WBG is honoured for the opportunity to work with Bin Zayed Group and Sheikh Khaled, and we look forward to combining our strengths to ensure its successful completion.
"The WBG-BZI strategic partnership demonstrates the great confidence in this high impact project, which will put Langkawi on the global map and transform it into a centre of regional and worldwide attractions," he added.
To recap, the announcement of the project commencement was made in Kedah by Menteri Besar of Kedah Y.A.B. Tuan Haji Muhammad Sanusi bin Md Nor on January 20, 2021. It is expected to be completed within 15 to 20 years.
Worth an estimated gross development value of RM40 billion, Widad@Langkasuka is a modern development with an Islamic and tropical vernacular concept that will change the landscape of Pulau Langkawi and become the main attraction of the island. Currently, almost 90% of the 1,979 acre site consists of the ocean, therefore WBG intends to erect a man-made island which will eventually span approximately 1,000 acres or 50% of the entire area.
Once completed, Widad@Langkasuka will comprise tourism components such as five and six star hotel & 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. The Group also plans to organise annual events such as "Redbull Air Race", "Power Boat Race", "Jet Ski Race", international fireworks festivals and other culture & art showcases to promote tourism here.
Issued by: Sense Consultancy on behalf of Widad Business Group
For further media enquiries please contact:
Jaz Ng
Tel: +6012 202 0096
Email: jaz@leesense.com
Anthony Lee
Tel: +6012 338 3705
Email: anthony@leesense.com
Topic: Press release summary
Source: Bin Zayed Group / Widad Business Group
Sectors: Daily Finance, Real Estate & REIT, Daily News, Construct, Engineering
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From the Asia Corporate News Network
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