Widad Business Group will develop an impact project of approximately RM40 billion (GDV) in Langkawi over the next 15 to 20 years.
The project consists of tourism-related components, such as five-star hotels and resorts, resorts and health care facilities, Kedah Menteri Besar Muhammad Sanusi Md Nor said.
“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 percent 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.
The Menteri 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 percent completion, the fee will be returned," he said.
Muhammad Sanusi added that the project is expected to draw tourists to the island resort.
"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.
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