Dubai's Bin Zayed International pulls out of RM40b Langkasuka ...

Chairman of Bin Zayed International Group of Companies, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, delivering a speech at the Grand Opening of Bin Zayed International (M) Sdn Bhd at The Exchange TRX. — Bernama pic

Saturday, 23 Nov 2024 10:09 AM MYT

KUALA LUMPUR, Nov 23 — Global investment conglomerate Bin Zayed International Group of Companies (BZI) has committed to investing US$2 billion (RM8.9 billion) in Malaysia over the next five years.

Bin Zayed International (M) Bhd managing director Datuk Seri Dr Shamir Kumar Nandy said as part of its strategic expansion plan, the group would tap into real estate, renewable energy and financial services to attract investments into the country.

“There is a lot of potential in those sectors in Southeast Asia. These are the sectors that we are looking at and US$2 billion is just the initial benchmark. It could be more than that when the opportunity presents itself,” he told reporters after the opening of the group’s Malaysia office at Tun Razak Exchange here today.

BZI chairman Sheikh Khaled Zayed Saquer Zayed Al Nahyan attended the opening ceremony. Also present were Dewan Rakyat Speaker Tan Sri Johari Abdul, BZI group managing director Sheikh Midhat Kidwai, Bollywood icon Datuk Shah Rukh Khan, members of BZI’s board of directors and key personnel.

In addition to Malaysia, BZI also has an office in Singapore.

Shamir stated that the company has initiated several real estate projects, including one in Kulim, Kedah, and two in Kuala Lumpur.

Asked about the Langkasuka project in Langkawai, Kedah, he confirmed that the group had pulled out from the project.

“We are no longer involved with the Langkasuka project. Since 2022, we no longer saw its value, so we decided to pull out and focus on more promising opportunities with realistic turnaround times and greater potential,” he said.

In 2021, Widad Business Group Sdn Bhd roped in BZI to help develop a RM40 billion mixed-development known as Widad@Langkasuka in Langkawi.

Beyond real estate, Bin Zayed International has identified companies in the renewable energy sector to support its expansion plans in Malaysia.

“We have identified certain companies. We are negotiating with them to see what are their needs in terms of making them a global player as quickly as possible,” said Shamir.

In his speech, Johari Abdul said that the partnership between Malaysia and the United Arab Emirates is a reflection of growing ties between the two nations.

“We believe that with Bin Zayed International’s expertise, vision, and commitment to innovation, Malaysia will become a central hub for business in Southeast Asia.

“As we prepare to chair ASEAN in 2025, our focus on inclusivity and sustainability will drive efforts to promote peace, stability, and shared prosperity within the region,” he said.

Johari emphasised that the government remains committed to working with the private sector to create policies which foster growth and a competitive business environment in the country. — Bernama