GM Holdings, CRFG sign MoU to develop six major projects

GM Holdings Limited (GMHL) and China Railway First Group Co., Ltd. (CRFG) have signed a memorandum of understanding (MoU) to jointly develop six real estate, industrial high-tech park and hospitality projects across Bangladesh.

The agreement was signed at the Deshbandhu Group Corporate Office in Banani, Dhaka, on Thursday (6 August), according to a press release.

Under the MoU, CRFG will serve as the engineering, procurement and construction (EPC) contractor for the projects, with construction expected to begin shortly.

The projects include Dakshina, a residential condominium development at 150/1 Ainuchbag in Dakshinkhan, Uttara, Dhaka.

Deshbandhu City-01 will be developed in Bogura as a mixed-use project comprising a shopping mall, corporate office tower and hotel tower.

Deshbandhu City-02, another mixed-use development planned for Rangpur, will feature a shopping mall, corporate office tower, hotel tower and other modern facilities.

Deshbandhu Center Point will be an integrated mixed-use development at Mastul Mouza along the 300-foot Purbachal Expressway in Dhaka. It will comprise a shopping mall, corporate office tower, hotel and residential condominiums.

The Deshbandhu High-Tech Park will be developed at Hatikumrul in Sirajganj, featuring industrial buildings, administrative and management offices, industrial support infrastructure and other modern facilities.

The agreement also covers a proposed mixed-use project incorporating residential and commercial spaces, a hotel and resort facilities.

GM Holdings Limited Chief Executive Officer MKA Shahinur Rahman Zahid and China Railway First Group Co., Ltd. Business Manager Fang Wanqun (Daniel) signed the MoU on behalf of their respective organisations.

China Railway First Group Co., Ltd. Managing Director for Bangladesh, Nepal, Sri Lanka and the Maldives William Wang; Marketing Manager Tian Yu; and Deputy Project Manager Li Chen attended the signing ceremony.

Arena for Global Engagement Ltd. (AGE) Chairman Syed Iqbal Rizvi, Deputy Managing Director Kazi Moazzem Hossain and senior officials of GM Holdings Limited were also present.

The companies said the agreement marked the beginning of a long-term strategic partnership and would contribute to modern urbanisation, industrialisation, international investment and sustainable economic development in Bangladesh.

Deshbandhu Group plans to invest approximately Tk10,000 crore in manufacturing-oriented projects to support economic growth, employment generation and industrialisation.

Alongside expanding its existing sugar, beverage, polymer, packaging, cement and textile businesses, the group has undertaken initiatives to establish industries in the steel, footwear, flexible intermediate bulk container (FIBC), polyester staple fibre and polyethylene terephthalate (PSF-PET), electric vehicle, eco-brick and lithium-ion battery sectors.

These initiatives are expected to create around 15,000 jobs, raising the group's total workforce to approximately 40,000.

Deshbandhu Group subsidiary GM Holdings Limited is undertaking major projects in the real estate, hospitality, tourism and industrial sectors.

Its notable projects include the Dakshina condominium in Dakshinkhan, a boutique hotel in Dhanmondi, a five-star resort in Uttarkhan, a five-star hotel and shopping mall in Bogura, an amusement park in Rangpur and an industrial park in Sirajganj.

International organisations, including JLL, Sinohydro and Hilton, are collaborating in the planning and development of the projects.

China Railway First Group, a key subsidiary of China Railway Group Limited (CREC) and part of a Fortune Global 500 group, has experience in railway, highway, bridge, tunnel, urban infrastructure and large-scale construction projects worldwide.

The company has also been involved in infrastructure development in Bangladesh, particularly as a strategic and construction partner in the Padma Rail Link Project.

The project is considered a major milestone in improving Bangladesh's connectivity and supporting economic development.

Deshbandhu Group said its initiatives aimed to create employment, reduce import dependence, promote technology-driven industrialisation, attract investment and contribute to Bangladesh's long-term industrial and economic development.