Cox's Bazar-Teknaf eco-resort may attract $500m investment

A proposed luxury eco-resort in Bangladesh’s Cox’s Bazar-Teknaf coastal area could attract around $500 million in foreign investment as investors seek to expand the country’s high-end tourism infrastructure.

A memorandum of understanding for the project was signed on 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 the 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.