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ALOR SETAR, Jan 20 — Widad Business Group will be developing a high-impact project in Langkawi with an estimated gross development value (GDV) of about RM40 billion over the next 15 to 20 years.
Kedah Mentri Besar Muhammad Sanusi Md Nor said the project consists of tourism-related components such as five-star hotels and resorts, as well as residences and healthcare facilities.
“The state government has agreed to the new investment in Langkawi from local diversified company Widad Business Group to develop the 800-hectare Widad @ Langkasuka with 90 per cent of the development on land near Padang Matsirat reclaimed from the sea.
“It is understood that this company has entered into joint ventures with other companies involving local and foreign investments for this project which are mostly tourism-related,” he told a press conference after chairing the state executive council meeting here today.
The mentri besar said the land acquisition process is being worked out by the Langkawi District and Land Office, and the project will commence as soon as the matter is settled.
“The company has also made a commitment fee to the state government involving millions of ringgit, and we therefore consider the company is serious in wanting to develop this project. When the development reaches 40 per cent completion, the fee will be returned,” he said.
Muhammad Sanusi added that the project is hoped to be another factor to attract tourists to the resort island.
“We welcome any investor who intends to invest in Kedah. We will accept them with open arms and will facilitate the process for the development of Kedah,” he said. — Bernama