KUALA LUMPUR: Global investment leader Bin Zayed International Group of Companies (BZI) has officially withdrawn from the RM40 billion Langkasuka project in Langkawi, citing a lack of viable opportunities.
The decision marks a significant shift in the group's focus, as the project was initially seen as a promising joint venture.
"The Langkasuka project, that was a joint venture which we have pulled out of. Through the years, since 2022, we didn't see the value in it anymore."
"With Forest City coming up, investing in Langkawi isn't a priority," Bin Zayed International (M) Bhd managing director Datuk Seri Shamir Kumar Nandy said at the official launch of BZI's latest office in Kuala Lumpur here, today.
Shamir emphasised the group's current priorities, highlighting progress in the Jazz City development in Kulim and two projects in Kuala Lumpur awaiting approvals from DBKL.
"These align better with our strategic direction," he added.
The Langkasuka project was launched as a collaboration between Widad Group and Bin Zayed International LLC, aiming to develop a sprawling mixed-use estate featuring luxury villas, a golf course, and commercial spaces.
Widad Group and Bin Zayed International LLC signed a joint-venture agreement on March 7, 2022, to further solidify their partnership, pursuant to the collaboration agreement inked on March 30, 2021.
Bin Zayed International LLC is a subsidiary of the BZI, a Dubai-based conglomerate with interests in building, energy, trading, real estate, technology, and finance.
It is owned by Sheikh Khaled Zayed Al Nahyan, a prominent member of the Abu Dhabi royal family.Ends