Gulf group gets approval for $32m tourism project
Naim-Ul-Karim | Wednesday, 25 June 2008
The government has approved the proposal of a leading Gulf business group for construction of a luxury hotel cum tourist zone worth $32.189 million in Sylhet.
"We have given permission to Rakeen Development Company BD Private Ltd to implement its investment proposal," a senior official of the Board of Investment told the FE Tuesday.
He said this is one of the major projects of the Rakeen Development Company BD Private Ltd, subsidiary of Ras Al Khaimah (RAK) group of UAE, that has planned to invest $1.0 billion in industrial park, golf club, shopping mall and a theme park in Bangladesh as part of its major expansion plan here.
The RAK group, owned by the ruling family of the emirates, that has ceramic, sanitary wares and tiles factories in the country chose Sylhet for building the luxury hotel cum tourist zone, as the country's divisional city is rich in natural beauty.
Rakeen said it will complete construction work of the hotel cum tourist zone in Habigonj Sylhet by July 2009.
Managing director of Rakeen SAK Ekramuzzman said: "There is huge prospect for wooing more local and foreign tourists in Sylhet."
Apart from tea gardens and Madhab Kunda cascade in Sylhet, he said there are the shrines of Hazrat Shahjalal and Hazrat Shah Paran, which are also key attraction for tourists visiting the country's divisional city.
Mr. Ekramuzzman said Rakeen is keen to develop more tourist zones in the country.
"We are working to establish more tourist zones in strategically important locations of Bangladesh."
The chairman of the RAK group Khatar Massad, also adviser to the Ras Al Khaimah, during his visit to Bangladesh unveiled the company's investment plans in the country at meeting with high ups of the caretaker government.
Rakeen Development Company BD Private Ltd has been incorporated as a joint venture company between RAK group holding 90 per cent shares, and 10 per cent by SAK Ekramuzzaman, the local promoter who holds the post of managing director of the company.
Mr. Ekramuzzaman also director of the RAK group said the company's total investment would be at least $1.00 billion, as "Bangladesh is one of the very few countries where RAK wants to increase its presence".
The company is setting up a pharmaceutical plant with an investment of Tk 2.0 billion, he said.
"We also have plans to invest in a five star hotel in Cox's Bazar, a golf club, and a world class shopping mall, especially in the beach town of Cox's Bazar," he added.
The company's RAK Airways already started flying to Bangladesh's port city Chittagong and capital Dhaka.
A senior BoI official said the UAE company's investment, first in the country's tourism sector outside the capital, will boost contribution of the industry to the national economy as there is huge prospect to woo more tourists.
"We have given permission to Rakeen Development Company BD Private Ltd to implement its investment proposal," a senior official of the Board of Investment told the FE Tuesday.
He said this is one of the major projects of the Rakeen Development Company BD Private Ltd, subsidiary of Ras Al Khaimah (RAK) group of UAE, that has planned to invest $1.0 billion in industrial park, golf club, shopping mall and a theme park in Bangladesh as part of its major expansion plan here.
The RAK group, owned by the ruling family of the emirates, that has ceramic, sanitary wares and tiles factories in the country chose Sylhet for building the luxury hotel cum tourist zone, as the country's divisional city is rich in natural beauty.
Rakeen said it will complete construction work of the hotel cum tourist zone in Habigonj Sylhet by July 2009.
Managing director of Rakeen SAK Ekramuzzman said: "There is huge prospect for wooing more local and foreign tourists in Sylhet."
Apart from tea gardens and Madhab Kunda cascade in Sylhet, he said there are the shrines of Hazrat Shahjalal and Hazrat Shah Paran, which are also key attraction for tourists visiting the country's divisional city.
Mr. Ekramuzzman said Rakeen is keen to develop more tourist zones in the country.
"We are working to establish more tourist zones in strategically important locations of Bangladesh."
The chairman of the RAK group Khatar Massad, also adviser to the Ras Al Khaimah, during his visit to Bangladesh unveiled the company's investment plans in the country at meeting with high ups of the caretaker government.
Rakeen Development Company BD Private Ltd has been incorporated as a joint venture company between RAK group holding 90 per cent shares, and 10 per cent by SAK Ekramuzzaman, the local promoter who holds the post of managing director of the company.
Mr. Ekramuzzaman also director of the RAK group said the company's total investment would be at least $1.00 billion, as "Bangladesh is one of the very few countries where RAK wants to increase its presence".
The company is setting up a pharmaceutical plant with an investment of Tk 2.0 billion, he said.
"We also have plans to invest in a five star hotel in Cox's Bazar, a golf club, and a world class shopping mall, especially in the beach town of Cox's Bazar," he added.
The company's RAK Airways already started flying to Bangladesh's port city Chittagong and capital Dhaka.
A senior BoI official said the UAE company's investment, first in the country's tourism sector outside the capital, will boost contribution of the industry to the national economy as there is huge prospect to woo more tourists.