Bangladesh, Saudi Arabia sign multiple investment deals during JEC meeting

1 / 4
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)
2 / 4
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)
3 / 4
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)
4 / 4
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)
Short Url
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.


Dubai to support Emirates airline, closes tourist market

Emirates airline is vital to the Dubai and UAE economy. (Shutterstock)
Updated 5 min 45 sec ago

Dubai to support Emirates airline, closes tourist market

  • Dubai’s Crown Prince Sheikh Hamdan bin Mohammed said the emirate’s government would inject fresh equity into the Emirates airline, considering its strategic importance to the Dubai and UAE economy

DUBAI: Dubai said on Tuesday it would help its state-run Emirates airline overcome the damaging impact of the coronavirus outbreak and enforced a full lockdown on a district famous for its gold and spice markets.
The UAE, the region’s tourism and business hub, has taken drastic measures to combat the spread of the virus including temporarily halting passenger flights and launching a nationwide disinfection drive.
It had already extended a nightly curfew to April 5 to deep clean the country, but Dubai announced late on Monday that a 24-hour curfew would be imposed on the normally bustling tourist and trade district of Al Ras for two weeks.
“I am glad they are doing this because it is for our protection,” said one rice trader who works in Al Ras but resides in the UAE’s Sharjah emirate. The trader, who declined to be named, told Reuters he is now conducting business online.
Dubai closed the main road entrances to Al Ras and halted public transport to the area, which abuts Dubai Creek, where dhows have been banned from shipping goods between Dubai and Iran, a regional epicentre for the virus. Authorities would provide residents with essential needs, the Dubai Media Office said.

HIGHLIGHTS

● Dubai to inject fresh capital into state airline.

● Historic Dubai tourism and trade district under lockdown.

● Coronavirus cases pass 3,700 in the six Gulf Arab states.

The UAE has confirmed 611 coronavirus cases, with five deaths. It plans to open more drive-thru testing centres after the first was opened last week in the capital, Abu Dhabi.
“We will never hesitate to take any measures against any potential threat to people’s life. At the same time, we won’t let development grind to a halt,” Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al-Nahyan, the country’s de facto ruler, said in comments carried on state media.
Dubai’s Crown Prince Sheikh Hamdan bin Mohammed said the emirate’s government would inject fresh equity into the Emirates airline, considering its strategic importance to the Dubai and UAE economy.
The total number of infections in the six Gulf Arab states stands at more than 3,700, with 18 deaths.
In Kuwait, the first Gulf state to halt passenger flights and impose a partial curfew, the health minister said a clearer picture on the success of containment efforts would emerge by early June “If infection numbers stabilize, there may be a gradual easing of current measures,” Basil Al-Sabah told Al Rai newspaper. “But if the average rate of transmission increases then ... I do not rule out the cabinet enforcing a full curfew.”
Kuwait recorded 23 new infections on Tuesday to take its total to 289. Saudi Arabia, has passed 1,400, with eight deaths.