A Z M Anas

Leading Gulf business group RAK has planned to invest US$1.00 billion in industrial park, five star hotel, golf club, shopping mall and a theme park in the country as part of its major expansion in Bangladesh, an official said Sunday.

The chairman of the group Khater Massaad, who is also the adviser to the deputy ruler of Ras Al Khaimah (RAK), one of the seven emirates of the UAE, will arrive in the capital today (Monday) by his private jet to finalise the deals with government agencies.

"We see Bangladesh as a fast growing economy and a hugely potential destination of our investment," said SAK Ekramuzzaman, a director of RAK's Bangladesh subsidiary.

"Initially, we want to be a partner of BEPZA to develop two new Export Processing Zones in Feni and Munshiganj. 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 said.

RAKEEN, a subsidiary of the group, will develop the industrial park and the five star hotel, he said, adding they have already held some preliminary talks with the Bangladesh Export Processing Zones Authority (BEPZA).

A senior BEPZA official said the chief adviser has given a green signal to the Authority's negotiations with RAKEEN in the development of the new export processing zones.

The director said the company's total investment would be at least US$1.00 billion, as "Bangladesh is one of the very few countries where RAK wants to increase its presence massively".

"We hope the deals would be finalised during the visit of our chairman," he added.

The RAK group, owned by the ruling family of the emirates that bears its name, is the country's largest ceramics manufacturer, owning more than 70 per cent of the rapidly growing market.

The company is also setting up a pharmaceutical plant with an investment of about Tk.2.00 billion. Last month the company's RAK Airways started flying to Bangladesh's port city of Chittagong and has a plan to fly to Dhaka shortly.

During the visit, the RAK chief will meet the chief adviser Dr. Fakhrtuddin Ahmed, army chief General Moeen U Ahmed and will also hold officials talks with the BEPZA chief and civil aviation and tourism secretary.