Bangladesh, Saudi Arabia sign multiple investment deals during JEC meeting

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The Saudi delegation was led by Mahir Abdul Rahman Gassim, Saudi Arabia’s deputy minister for international affairs at the Ministry of Labor and Social Development. (AN Photo)
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The Saudi delegation was led by Mahir Abdul Rahman Gassim, Saudi Arabia’s deputy minister for international affairs at the Ministry of Labor and Social Development. (AN Photo)
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The Saudi delegation was led by Mahir Abdul Rahman Gassim, Saudi Arabia’s deputy minister for international affairs at the Ministry of Labor and Social Development. (AN Photo)
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The Saudi delegation was led by Mahir Abdul Rahman Gassim, Saudi Arabia’s deputy minister for international affairs at the Ministry of Labor and Social Development. (AN Photo)
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Updated 13 February 2020

Bangladesh, Saudi Arabia sign multiple investment deals during JEC meeting

  • A 40-member Saudi delegation held several meetings with officials in Dhaka during the 13th session of Bangladesh–Saudi Arabia Joint Commission
  • Mahir Abdul Rahman Gassim: Today we witness a new chapter in this bilateral relationship by agreeing on and signing the Dhaka agreements

DHAKA: Bangladesh and Saudi Arabia have struck a number of initial agreements for investment in the Asian nation.
A 40-member Saudi delegation held several meetings with officials in Dhaka during the 13th session of Bangladesh–Saudi Arabia Joint Commission. 
It was led by Mahir Abdul Rahman Gassim, Saudi Arabia’s deputy minister for international affairs at the Ministry of Labor and Social Development.
Also joining the JEC delegation, which meets every two years, were seven of the biggest companies in the Kingdom, including Saudi Aramco and ACWA Power.
“Today we witness a new chapter in this bilateral relationship by agreeing on and signing the Dhaka agreements,” Gassim said in a statement following the meeting.
Red Sea Gateway Terminal (RSGT), a leading port developer of the Kingdom, is interested in developing Bangladesh’s main Chottogram port which deals with more than 80 percent of the country’s trade. 
“The RSGT wants to make the investment in Public Private Partnership (PPP) form. To bring any investment in this mode, we need to have an agreement between the two governments,” Rafikul Islam Khan, joint secretary of the Bangladeshi shipping ministry told Arab News. 
“As soon as the Saudi government will sign the PPP agreement with Bangladesh, we will move forward with RSGT’s investment proposals,” he said. 
Chottogram port authority is conducting a feasibility study on the size of investment required for further expansion of the port facilities, he added.
“An MoU has also been signed between Bangladesh Sugar and Food Industries Corporation (BSFIC) and ACWA power on generating 180 MW Solar power,“
Mir Khairul Alam, joint secretary of Bangladesh Industry Ministry told Arab News.
A proposal for a $1 billion telecommunications infrastructure project led by Teletalk Bangladesh Limited, a state-run mobile operator, was also discussed with Saudi Arabia’s Al-Jomiah Group.
The JEC meeting identified a wide range of areas to boost trade and investment between the two countries.
The 14th session of the JEC will be held in Riyadh, Saudi Arabia.


Arab News recording exposes Nissan lawyer’s lie on IMF bailout for Lebanon

Updated 01 June 2020

Arab News recording exposes Nissan lawyer’s lie on IMF bailout for Lebanon

LONDON: Arab News has published the recording of an interview with a Nissan lawyer after he denied saying that a bailout of Lebanon by the International Monetary Fund (IMF) was linked to the extradition of fugitive tycoon Carlos Ghosn.

The former Nissan chairman fled to Beirut in December from Japan, where he faced charges of financial wrongdoing.

In a story published in Arab News Japan on Saturday, Sakher El Hachem, Nissan’s legal representative in Lebanon, said the multibillion-dollar IMF bailout was contingent on Ghosn being handed back to Japan. 

The lawyer said IMF support for Lebanon required Japan’s agreement. Lebanese officials had told him: “Japan will assist Lebanon if Ghosn gets extradited,” the lawyer said

“For Japan to agree on that they want the Lebanese authorities to extradite Ghosn, otherwise they won’t provide Lebanon with financial assistance. Japan is one of the IMF’s major contributors … if Japan vetoes Lebanon then the IMF won’t give Lebanon money, except after deporting Ghosn.”

On Sunday, El Hachem denied making the comments. “The only thing I told the newspaper was that there should have been a court hearing on April 30 in Lebanon, but it was postponed because of the pandemic,” he said. In response, Arab News published the recording of the interview, in which he can be clearly heard making the statements attributed to him. 

Japan issued an arrest warrant after Ghosn, 66, escaped house arrest and fled the country.

Now listen to the recording: