Cox’s Bazar eyes $500m foreign-backed tourism push
DHAKA, Sept 30: Malaysian and Maldivian investors have joined a Bangladesh-based business group to explore developing a five-star, eco-friendly resort in the Cox’s Bazar-Teknaf region, with a proposed investment of around $500 million.
A memorandum of understanding (MoU) to pursue the project was signed on Saturday at the Pullman Hotel in Kualalampur by Malaysian hotel and tourism entrepreneur Tan Sri Syed Yusof Jojo, former Maldivian vice-president and tourism minister Ahmed Adeeb, and Dr Kamrul Ahsan, chairman of Versatilo Group of Bangladesh.
Under the initial plan, the investors will establish a joint investment company in Bangladesh to develop the large-scale tourism project.
The proposed resort is expected to feature luxury hotels and villas, international-standard restaurants, health and wellness facilities, entertainment amenities and nature-based tourism infrastructure.
The investors are also in discussions with several international hotel brands over potential management and branding arrangements. Mövenpick, Novotel and Grand Hyatt are among the brands under consideration, according to the project promoters.
A hotel brand and operating company will be selected after commercial negotiations and completion of the necessary formalities.
Syed Yusof Jojo, who has been involved in the development of several hotels and resorts in Malaysia, said he was pleased to be part of what he described as a new chapter in Bangladesh's tourism sector.
He expressed interest in using his experience to promote Bangladesh's natural attractions and tourism potential internationally.
Ahmed Adeeb said he wanted to contribute his experience in developing the Maldives' tourism sector to the proposed project.
He said Bangladesh's coastal areas had significant potential for international-standard tourism infrastructure and pledged to contribute his experience, knowledge and investment to the initiative.
Dr Kamrul Ahsan said the project was intended to go beyond developing a hotel and create an international tourism destination.
“We do not want to build just a hotel. Our goal is to develop an international-standard, eco-friendly resort in Cox’s Bazar that will take Bangladesh’s tourism sector to a new level and present the country to domestic and international tourists in a new way,” he said.
However, the proposed $500 million investment is not yet a final commitment. The project remains subject to a feasibility study, detailed assessment, selection of a project site, necessary government approvals and the signing of a final investment agreement.
The promoters said the initiative aims to leverage Cox’s Bazar's natural attractions and its long coastline to develop a sustainable luxury tourism destination for domestic and international visitors.
