Dubai-based Malabar Gold and Diamonds, one of the largest jewellery retailers in the world, has announced it will invest up to $100 million in Bangladesh over the next 3-5 years.
The company is currently searching for a location to set up its jewellery manufacturing facility, followed by the opening of its first showroom in Bangladesh, a senior company official said at the 3rd Bangladesh Economic Forum.
“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,” said Ameer CMC, director of finance and administration, Malabar Gold and Diamonds.
“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.”
Another Dubai-based company – Danube Homes, the home improvement arm of Danube Group – announced its foray into Bangladesh with a franchise partnership agreement with Dhaka-based Daffodil Group signed at the forum.
The deal will see Danube Homes roll out multiple stores across Bangladesh.
Adel Sajan, managing director of Danube Group, 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.”
More than 300 delegates comprising business leaders from the UAE and Bangladesh were present at the forum at which Bangladesh Foreign Minister Dr AK Abdul Momen and Salman F Rahman, Advisor to Bangladesh Prime Minister on Investment and Private Industries, delivered keynote speeches.
Momen urged the UAE investors to invest in Bangladesh, saying: “Our bilateral relations with the UAE is currently at the highest level… The business community should take advantage of the strong UAE-Bangladesh relations and come closer to tap the untapped economic potential and create a win-win situation.”
Rahman told the forum: “The Bangladesh that you see today is a changed Bangladesh. However, unless you visit and see the changed Bangladesh, you wouldn’t realise the new ground reality. So, I urge all of you to come and visit Bangladesh and see what Bangladesh has to offer and how you could benefit from the growing opportunities in Bangladesh where 165 million people are becoming economically empowered.”
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