Malaysia, Maldives Investors Eye $500m Cox’s Bazar Resort

A potential international investment of around US$500 million has been proposed for the development of an international-standard, five-star eco-friendly resort in the Cox’s Bazar-Teknaf region.

Malaysian businessman and hotel-resort entrepreneur Tan Sri Syed Yusof Jojo, former Maldives Vice-President and Tourism Minister Ahmed Adeeb, and Dr Kamrul Ahsan, chairman of Versatilo Group of Bangladesh, 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 partners will develop a large-scale, sustainable and environmentally friendly resort in the Cox’s Bazar-Teknaf region and establish a joint investment company in Bangladesh to implement the project.

Global Hotel Brands Considered

Discussions are under way with several internationally recognised hotel brands over the proposed resort’s management and branding arrangements. Mövenpick, Novotel and Grand Hyatt are among the brands under consideration.

The hotel brand and operating company will be finalised after commercial negotiations and the completion of formal procedures.

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.

Malaysian Expertise in Tourism

Tan Sri Syed Yusof Jojo, who has extensive experience in Malaysia’s hotel and tourism sector, said he was pleased to be part of the initiative and described the proposed resort as an attractive investment opportunity.

He said he was interested in applying his experience to promote Bangladesh’s natural beauty and tourism potential to international visitors.

Jojo has been involved in the development of several 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.

Maldives Experience

Ahmed Adeeb said he was interested in contributing his experience in government and the tourism sector to the project.

He described the initiative as an opportunity to apply the Maldives’ tourism development experience in Bangladesh, noting that the country’s coastal areas have significant potential for international-standard tourism infrastructure.

Adeeb said he would contribute his experience, knowledge and investment to the initiative.

Focus on International Tourism

Dr Kamrul Ahsan said bringing international investment and business expertise to Bangladesh was important for developing the country’s tourism sector.

He said the partners aimed to build more than a hotel and instead create an international-standard, eco-friendly resort that could help promote Cox’s Bazar and Bangladesh to domestic and international tourists.

However, the proposed investment of around US$500 million remains subject to a feasibility study, detailed project assessment, site selection, necessary government approvals and the signing of a final investment agreement.

The initiative aims to develop a sustainable tourism destination by leveraging Cox’s Bazar’s natural attractions and its position as home to the world’s longest natural sea beach.