KUALA LUMPUR: Widad Business Group (WBG) has signed a collaboration agreement with Bin Zayed International (BZI) LLC to jointly develop a mixed development project known as Widad@Langkasuka in Langkawi worth RM40 billion.

WBG's founder and group executive chairman, Tan Sri Muhammad Ikmal Opat Abdullah said the financing for Widad@Langkasuka will come from both WBG and BZI on the agreement of 50:50 basis.

"The WBG-BZI strategic partnership demonstrates 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.

"We are now waiting for the development order to be approved to begin the first of four phases of the project. The project is expected to be completed in a span of 15 years," he told media after the signing ceremony, yesterday.

The signing ceremony held at Grand Hyatt Kuala Lumpur was witnessed by Prime Minister Tan Sri Muhyiddin Yassin, Senior Minister and International Trade and Industry Minister, Datuk Seri Mohamed Azmin Ali as well as Menteri Besar of Kedah, Muhammad Sanusi Md Noor.

Meanwhile BZI has targeted to bring in RM100 billion worth of foreign direct investment (FDI) into Malaysia for the next few years, to be delivered in phases starting with the development of Widad@Langkasuka.

BZI group managing director Sheikh Midhat Kidwai in a statement said BZI has expressed its strong interest to invest in Malaysia via the exclusive collaboration with WBG, in a formal letter to Muhyiddin.

"Starting with Widad@Langkasuka, we believe that our involvement in projects here can bring in FDI of more than RM100 billion for the next few years.

"This strong cash flow influx can assist to provide a significant recovery boost for Malaysia’s economy as well as the creation of more than 30,000 jobs," he said.

Widad@Langkasuka is a modern development with Islamic and tropical vernacular concepts that will potentially change the landscape of Langkawi Island.

Currently, 90 per cent of the 800 hectares development site near Langkawi International Airport consists of ocean and WBG is planning to erect a man-made island which will eventually span approximately 50 per cent of the entire project.

-- BERNAMA