2 UAE companies to invest in Bangladesh's ports, set up 250 MW solar power project

Abu Dhabi Ports Group and Masdar, two leading UAE-based companies, have announced plans to invest in Bangladesh's port development, logistics, and renewable energy sectors.

Ahmad Ibrahim Al Mutawa, CEO of Abu Dhabi Ports Group (ADPG), and Fatima Almadhloum Alsuwaidi, head of Development & Investment, Asia-Pacific Region, Masdar, came up with the investment proposals when they called on Chief Adviser Professor Muhammad Yunus at the State Guest House Jamuna today (28 January).

Renewable energy company Masdar proposed to invest $500 million in reclaimed land on the coast to set up a 250-megawatt solar power project.

"We are very supportive of showcasing new ideas to Bangladesh," Masdar's regional head of investment, Fatima Almadhloum Alsuwaidi, said.

Appreciating the investment proposals, the chief adviser said, "Bangladesh is ready for business. Bring your people and set up as many plants as you want." 

Abu Dhabi Ports Group is the fourth major port handlers and logistics company after DP World of UAE, AP Moller Maersk of Denmark, and Red Sea Gateway Terminal of Saudi Arabia to express interest in Bangladesh's port management in less than a week.

Abu Dhabi Ports Group has expressed interest in developing one of the proposed three Bay Terminals through financing, operating, and maintaining container and multipurpose terminals and facilities under a joint venture with the Chittagong Port Authority.

Group CEO Al Mutawa praised the welcoming attitude of Bangladeshi authorities and hoped its investment would help increase ship movement in Bangladeshi ports.

Abdulla Ali ALHmoudi, UAE ambassador to Bangladesh, Khalilur Rahman, high representative of the chief adviser, and Lamiya Morshed, senior secretary for SDG affairs, were also present on the occasion.

Abdulla Ali Alhmoudi handed over an invitation from Dubai ruler to the chief adviser to attend the World Government Summit in the UAE in February.