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A potential international investment of around US$500 million is being planned to develop an international-standard five-star eco-friendly resort in the Cox’s Bazar-Teknaf region, potentially marking a major new investment in Bangladesh’s tourism sector.
Malaysian hotel 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, have signed a memorandum of understanding (MoU) to advance the initiative.
The MoU was signed on Saturday at the Pullman Hotel in Kuala Lumpur, according to a press release issued on Wednesday.
Under the initial plan, the investors will establish a joint investment company in Bangladesh to develop a large-scale, sustainable and environmentally friendly resort in the Cox’s Bazar-Teknaf region.
The proposed development is expected to include luxury hotels and villas, international-standard restaurants, health and wellness facilities, entertainment amenities and nature-based tourism infrastructure.
Discussions are also under way with several internationally recognised hotel brands for the project’s management and branding. Mövenpick, Novotel and Grand Hyatt are among the brands under consideration.
The hotel brand and operating company will be finalised after commercial negotiations and completion of the necessary formalities, according to the release.
Tan Sri Syed Yusof Jojo, who has extensive experience in Malaysia’s hotel and tourism industry, has been involved in the development and establishment of several internationally recognised hotels and resorts, including Four Seasons Kuala Lumpur, Concorde Hotel, Casa del Mar Langkawi, Casa del Rio Melaka, JW Marriott Resort and Hard Rock Hotel Penang, as well as Hard Rock Cafes.
Following the signing of the MoU, he said he was pleased to be part of a new initiative in Bangladesh’s tourism sector.
He described the proposed five-star eco-friendly resort in Cox’s Bazar as an attractive investment opportunity and expressed interest in using his experience to promote Bangladesh’s natural beauty and tourism potential internationally.
Former Maldivian Vice-President and Tourism Minister Ahmed Adeeb also expressed interest in contributing his government and tourism-sector experience to the initiative.
He said the project would provide an opportunity to apply the Maldives’ experience in tourism development in Bangladesh, particularly in developing coastal tourism infrastructure.
He said Bangladesh’s coastal regions had significant potential for international-standard tourism development and pledged to contribute his experience, knowledge and investment to the project.
Dr Kamrul Ahsan, chairman of Versatilo Group, said attracting international investment and global business expertise to Bangladesh was both a responsibility and an expression of patriotism.
He said the participation of internationally experienced tourism entrepreneurs in the initiative was a matter of pride and encouragement.
“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.
The proposed US$500 million investment, however, remains subject to a feasibility study, detailed assessment, selection of the project site, necessary government approvals and the signing of a final investment agreement.
The initiative aims to develop a sustainable, high-end tourism destination by leveraging Cox’s Bazar’s natural attractions and its position as home to the world’s longest natural sea beach, according to the parties involved.
