Bangladesh-based real estate company Krishibid Group has initiated construction work on the new Krishibid Sea Palace, which is set to be Kuakata's inaugural luxury five-star hotel.

This venture is being delivered under a collaboration between Krishibid Properties and Qatar's Retaj Hotels and Hospitality.

The launch of construction work was marked by a grand opening ceremony at the Sheraton Hotel, a five-star establishment in the capital.

This event was attended by Seraya Ali Al-Qahtani, ambassador of Qatar to Bangladesh, as the chief guest.

The Business Standard quoted Al-Qahtani as saying: “An international standard five-star hotel like this in Kuakata will showcase Bangladesh's tourism industry on the global stage.”

Other dignitaries, including Justice Mohammad Abdur Rouf, former chief election commissioner of Bangladesh, were present as special guests.

Addressing the event, Rouf said: “Such high-standard establishments will create new employment opportunities in the tourism sector and play a significant role in the country's economic growth.”

A promotional offer was also announced, providing a 25% discount on the hotel's shares for this month.

Prospective buyers are also allowed to purchase shares in monthly instalments, starting from Tk5,250 ($43.75).

Commenting on the development, Krishibid Group managing director Dr Ali Afzal said: “We are proud that Krishibid Sea Palace will open a new horizon in Kuakata's tourism and hospitality sector. We hope it will become a popular destination for domestic and international tourists.”