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Saudi investment group keen to invest in Bangladesh ports

Saturday, 11 May 2019 | 00:00

Red Sea Gateway Terminal (RSGT), Saudi port operator and investment group, has expressed its interest to invest in Bangladesh’s port and terminal sectors.

The group has also wanted to invest in seaport’s terminal sector too as the group has huge experience in construction of terminals in seaports.

The associate director of Red Sea Gateway Terminal (RSGT) under the Saudi Port Operator and Investment Group has placed its proposal before the State Minister for Shipping Khalid Mahmud Chowdhury during a meeting held at the secretariat in the capital yesterday.

“The Saudi business group has expressed to invest in Bangladesh’s port and terminal sectors including Chattogram, Mongla and Payra seaports,” Khalid Mahmud Chowdhury told reporters after the meeting.

Appreciating Saudi Arabia’s investment proposal, the state minister for shipping said, “It will be a milestone for investment in Bangladesh’s port and terminal sector. Saudi-Bangladesh economic relationship will be further strengthened under the dynamic leadership of Prime Minister Sheikh Hasina.”

Shipping Secretary Abdus Samad, economic minister to Bangladesh embassy in Saudi Arabia Dr Mohammad Abul Hasan and other high officials attended the meeting.

However, on April 24, the RSGT sent a letter to Bangladesh ambassador King Saudi Arabia Golam Moshi stating that their company interested to investment in Bangladesh’s port and terminal sectors—like participate in port project with Chittagong Port Authority (CPA), participate in inland container terminal and bulk-port with CPA and automation of port services.

The USD 540 million RSGT is the first BOT project in Saudi Arabia that clearly redefines the standard of terminal operations in the Red Sea Basin and beyond.

Red Sea Gateway Terminal (RSGT) is the newest flagship container terminal at Jeddah Islamic Port.

A world-class terminal spearheaded by the Saudi Industrial Services group SISCO, it is also the first privately funded, Build Operate and Transfer (BOT) port development agreement in Saudi Arabia.

Covering over 750,000 square meters, the facility was constructed to set a benchmark advancing other port terminals around the region, exploiting approaches such as intelligent design and layout, cutting-edge technologies and value-added logistics capabilities; ensuring efficiency within whole supply chain, meeting the demands of modern day trade.
Source: The Independent

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