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Download PDF Ras Al Khaima Investment Authority (Rakia) on Tuesday sought from the Bangladesh government large chunks of land in Chittagong and Cox’s Bazar to establish an economic zone and a tourism township.
Visiting Chief Executive Officer of Rakia Dr Khater Massaad in an interview with The Daily Star yesterday in a capital hotel talked about the multi-billion dollar investment proposal.
“We will set up all types of industrial components our group has to offer at the proposed Chittagong Special Economic Zone, as the country has tremendous business opportunities and a huge ready market,” said Massaad, chief executive officer (CEO) of the investment arm of the government of Ras Al Khaimah (RAK), an emirate of the United Arab Emirates (UAE).
About the size of the proposed investment, Massaad who is also an adviser to the crown prince of RAK, said, “Right now I don’t want to mention any specific figure for the investment, but I can say, the group might pour unlimited investments into its proposed Bangladesh projects, which could reach as high as multi-billion dollars.”
Rakia is eying to lure in Far Eastern and European tourists to its proposed township in Cox’s Bazar where it wants to establish ultra-modern tourism facilities.
“We will introduce the first ever chartered plane service to and from Cox’s Bazar and Far Eastern countries, as well as Europe, to attract mostly outbound tourists of the world,” Massaad said.
Rakia’s development wing Rakeen plans to build in the proposed world class tourism township a luxurious five star hotel, several exclusive villas, a golf course, a large shopping mall, and a sophisticated theme park. The proposed golf course will be the first ever private golf course in the country. The group also plans to build another five star hotel in the capital.
About the timeline of the investment Massaad said, “I can assure you that the group can start its work as soon as the government will give its approval.”
Although Rakia will carry out a final feasibility study for the proposed projects, Massad said a preliminary study has already been done.
Massaad is very happy with the reception the Bangladesh government accorded him.
Replying to a question on whether the group will have any reservation in working with the present interim government, Massaad said they do not have ‘any problem in working with any government at any time’.
He said, “I see no problem before us in implementing the proposal.”
Earlier, Massaad visited sites at Cox’s Bazar, Saint Martin’s Island, Chittagong and Sonargaon on a helicopter accompanied by Chief Adviser’s Special Assistant Mahbub Jamil, and executives of the Board of Investment and Bangladesh Parjatan Corporation.
Rakia’s sister concern RAK Ceramic Industries started its journey in Bangladesh in 2000, and RAK Airlines has been operating flights between Dhaka and Chittagong.
The group already invested around $300 million in industries like ceramics, pharmaceuticals, power generation, agriculture, fisheries and airways in the country.
As part of its offshore investment, Rakia recently invested around $6 billion in India, while it also has investments in Indonesia, Tanzania, Jordan, Lebanon, Egypt and Congo.
April 17th, 2008 at 12:26 pm
Bangladesh des[peartely needs this kind of DFDI. We must not be fussy about it at all. We must cfacilitae all such proposals which create infrastructures , create revenue and generate employement.
October 18th, 2008 at 12:55 am
we are very lucky to have a project UAE group for EPZ, tourism township. I think bangladesh will become a tourism country in the world by this project. Hope everybody will give there hand to support.