Bin Zayed International LLC, a subsidiary of the Dubai-based BZI Group, has officially withdrawn from the RM40 billion Langkasuka project in Langkawi, citing limited growth prospects.
Datuk Seri Shamir Kumar Nandy, Managing Director of Bin Zayed International (M) Bhd said at a press conference in conjunction with the launch of BZI Group’s Malaysian office: “Initially, we saw potential in the project, but since 2022, we have reassessed its value and decided to exit.”
He added that BZI is now focusing on real estate projects with quicker returns on investment, such as those with established infrastructure.
During the opening of Bin Zayed International’s new office at the Tun Razak Exchange (TRX) in Kuala Lumpur, Shamir noted that the company is eyeing several projects, including one in Kulim, Kedah, while two additional projects are pending approval from the Kuala Lumpur City Hall.
He emphasised that the company plans to expand further in the region, with Malaysia and Singapore as initial focal points, followed by potential investments in Indonesia and Thailand.
Bin Zayed International had previously partnered with Widad Business Group Sdn Bhd in March 2021 to establish Widad BZI Sdn Bhd, a special-purpose vehicle for the Langkasuka project. This joint venture aimed to develop a cluster of 99 islands at an estimated cost of US$9.6 billion (RM40.2 billion).
Berita Harian reported in May that infrastructure work for the project was scheduled to commence in late 2024, with completion anticipated within 15 to 20 years. Widad Business Group is set to reclaim land for a 405-hectare man-made island, accounting for half of the project’s total area.
In a separate development, BZI has pledged an initial investment of US$2 billion (approximately RM9.4 billion) in Malaysia over the next five years, signaling its confidence in the country’s economic prospects.
Shamir said that the initial investment will prioritize real estate, aligning with BZI’s core operations, while also exploring opportunities in financial services and renewable energy. “The US$2 billion is a starting point, but we are prepared to exceed this commitment as new opportunities emerge,” he announced during the launch event at TRX.
BZI’s new office at TRX marks the firm’s strategic entry into Southeast Asia, establishing Bin Zayed Bhd as a regional hub to drive investment and progress.
BZI Chairman Sheikh Khaled Zayed Saquer Zayed Al Nahyan expressed enthusiasm for the group’s expansion from the United Arab Emirates (UAE) to Southeast Asia, stating, “As Southeast Asia rises as an economic powerhouse, we aim to be key stakeholders, contributing to regional growth and prosperity.”
“We are here to work closely with the government and local business community to build a vision with immense potential.”
The launch event was attended by prominent figures, including Dewan Rakyat Speaker Tan Sri Johari Abdul, BZI Group Managing Director Sheikh Midhat Kidwai, and board member Datuk Shah Rukh Khan, along with other key personnel.
