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Tripartite initiative signed to build 5-star eco-resort in Cox’s Bazar
An initiative has been undertaken to develop a five-star eco-friendly resort in the Cox’s Bazar–Teknaf coastal belt, involving a potential foreign investment of approximately US$500 million in Bangladesh’s tourism sector.
To implement the project, a Memorandum of Understanding (MoU) was signed on Saturday (September 26) at a hotel in Kuala Lumpur, Malaysia.
The agreement was signed by Malaysian hotel-resort entrepreneur Tan Sri Syed Yusof Jojo, former Vice-President and Tourism Minister of the Maldives Ahmed Adeeb, and Chairman of Bangladesh's Versatilo Group Dr. Kamrul Ahsan, according to a press release issued on Monday (September 28).
Under the initial plan, a joint investment company will be established in Bangladesh to develop the large-scale, sustainable, and luxurious resort.
The project promoters are currently in discussions with several globally recognized hotel brands regarding international management and operational partnerships, including Mövenpick, Novotel, and Grand Hyatt. The brand partner and operating company will be finalized following commercial negotiations and formal procedures.
The proposed resort complex will feature luxury hotels and villas, international-standard restaurants, health and wellness facilities, entertainment amenities, and nature-based tourism infrastructure.
Highlighting the investment potential, Tan Sri Syed Yusof Jojo—who has developed high-profile properties including Four Seasons Kuala Lumpur, Concorde Hotel, and Hard Rock Hotel Penang—said he was honored to join this new chapter in Bangladesh’s tourism industry, calling the Cox's Bazar project highly attractive and investment-friendly.
Former Maldivian Tourism Minister Ahmed Adeeb stated that the initiative offers an exceptional opportunity to apply the Maldives' experience in coastal tourism development to Bangladesh's beach region.
Dr. Kamrul Ahsan, Chairman of Versatilo Group, emphasized that bringing global investment and expertise to Bangladesh is aimed at elevating the country's tourism profile. He noted that the goal is not merely to build a hotel, but to create a world-class eco-tourism destination on the world's longest natural sea beach, reports UNB.