Cox’s Bazar eco-resort project targets USD 500m foreign investment
A memorandum of understanding
for the project was signed September 26 in Kuala Lumpur, Malaysia, by Malaysian
hotel entrepreneur Tan Sri Syed Yusof Jojo, former Maldivian tourism minister
Ahmed Adeeb and Dr. Kamrul Ahsan, chairman of Bangladesh’s Versatilo Group.
The partners plan to
establish a joint investment company in Bangladesh to develop the resort, which
is expected to combine luxury accommodation with nature-focused tourism.
The proposed development
is planned to include hotels and private villas, international-standard restaurants,
wellness and health facilities, entertainment spaces and other facilities
designed around the coastal environment.
According to the project
promoters, discussions are underway with international hotel groups over
management and operational arrangements. Mövenpick, Novotel and Grand Hyatt are
among the brands being considered, although the final operator and brand will
be selected after commercial negotiations and required procedures.
Jojo, whose previous
projects include Four Seasons Kuala Lumpur, Concorde Hotel and Hard Rock Hotel
Penang, said the Cox’s Bazar development represents an attractive investment
opportunity.
Adeeb said Maldivian
experience in coastal tourism could contribute to the project, while Ahsan said
the initiative aims to establish a globally oriented eco-tourism destination in
Bangladesh.
