Malabar Gold and Diamonds announces $100m investment in Bangladesh

Malabar Gold and Diamonds, one of the largest jewellery retailers in the world, will invest up to US$100 million in the next three to five years, a senior company official announced at the Third Bangladesh Economic Forum that concluded at the Movenpick Grand Hotel in Dubai.

Another Dubai-based company, Danube Homes announced its foray into Bangladesh after signing a franchise partnership agreement with Dhaka-based Daffodil Group at the Bangladesh Economic Forum.

The partnership agreement will see Danube Homes rolls out multiple stores across Bangladesh, according to a press release.

More than 300 delegates comprising of business leaders from the UAE and Bangladesh were present at the Third Bangladesh Economic Forum in which Bangladesh Foreign Minister Dr AK Abdul Momen and Salman F Rahman, advisor to Bangladesh Prime Minister on Investment and Private Industries, delivered the keynote speech.

Bangladesh Foreign Minister Dr AK Abdul Momen, in his keynote speech, urged the UAE investors to invest in Bangladesh.

The high-profile event also saw presentations by Sirazul Islam, executive chairman of Bangladesh Investment Development Authority (BIDA), Sheikh Yousuf Haroon, executive chairman of Bangladesh Economic Zones Authority (BEZA) and Prof Shibli Rubayat Ul Islam, chairman of Bangladesh Securities and Exchange Commission (BSEC).

Salman F Rahman, urged UAE investors to visit Bangladesh and see the new Bangladesh for themselves.

President of the Federation of Bangladesh Chamber of Commerce and Industries (FBCCI) and senior officials of Bangladesh Garments Manufacturers and Exporters Association (BGMEA) led a 75-member delegation to Bangladesh Economic Forum.

Among the developments, Malabar Gold and Diamond is currently searching for a suitable location to set up its jewellery manufacturing unit, that to be followed by the opening of its showroom in Bangladesh.

“Bangladesh is a very promising market for us. Bangladeshis represent a sizeable customer base amongst our global customer base. We see the demand for quality gold and diamond jewellery is growing rapidly in Bangladesh, which prompted us to enter the country,” Ameer CMC, Director of Finance and Administration, Malabar Gold and Diamonds, said.

 “We expect faster return on investment in Bangladesh due to low-cost of operation that could result in higher return and increase our global footprint. We believe it is the right time to enter the market.”

Adel Sajan, managing director of Danube Group and Sabur Khan, chairman of Daffodil Group, Bangladesh signed an agreement to cement their partnership at the Bangladesh Economic Forum.

Announcing their foray into Bangladesh Adel Sajan said, “Bangladesh offers a very promising future and we have decided to move into Bangladesh at the right time with the right partner.

“By this summer, we are going to open our first showroom in Dhaka and I hope to open more outlets in Bangladesh as the economy is growing fast, in fact so fast that the per capita GDP jumped four times in just 10-12 years.”

Both the deals were facilitated and structured by Bangladesh Economic Form and its founder Saifur Rahman, who welcomed the delegates at the Bangladesh Economic Forum.

Courtesy: The Financial Express