Saudi Arabia has announced plans to invest $1.2 billion in Bangladesh, with the Saudi company, Red Sea Gateway Terminal (RSGT), set to start operations at Patenga Bay Terminal in Chittagong by April.
This is as per media reports, which cited Saudi ambassador Essa Yousef Essa Al Duhailan in this regard, who reportedly held the investment underscores a significant step in the bilateral relationship.
Last year, the Saudi company inked a 22-year concession deal worth $170 million with the Chittagong Port Authority to develop a container terminal at Bangladesh’s primary port. The Red Sea Gateway Terminal will manage a 500,000-twenty-foot equivalent unit facility, equipped with cutting-edge technologies to meet the demands of the burgeoning export market.
Ambassador Al Duhailan highlighted Saudi Arabia’s eagerness to bolster ties with Bangladesh, anticipating the visit of Saudi crown prince Mohammed bin Salman later this year after the crown prince accepted Prime Minister Sheikh Hasina’s invitation, with details of the visit yet to be finalised.
The discussions during the visit will centre on shared interests and strengthening bilateral relations.
Furthermore, ambassador Al Duhailan also emphasised the significant contributions of the 2.8 million Bangladeshis working in Saudi Arabia to both economies.