Bangladesh eyes $50b Saudi investment

[Black_cats]

Bangladesh eyes $50b Saudi investment



ECONOMY
Saifuddin Saif
05 February, 2020, 05:45 pm
Last modified: 05 February, 2020, 06:26 pm



Both countries will sit together next week to discuss issues such as prioritising projects and other critical bottlenecks

Bangladesh is expecting up to $50 billion worth of investments from oil-rich Saudi Arabia, but officials are unsure when the investments will materialise.

Both countries will sit together next week to discuss issues such as prioritising the projects and other critical bottlenecks.

"We will make a presentation to the Saudi delegate on potential investment areas in Bangladesh," Sirazul Islam, executive chairman of the Bangladesh Investment Development Authority (BIDA), told The Business Standard yesterday.

Riyadh has asked for data and information on prevailing investment and commercial opportunities in the private sector, and procedures and capital protection in Bangladesh for Saudi investors.

Saudi company AL-Bawani and its partners want 1,000 hectares of land where they will develop infrastructure to attract industries and foreign investment. A memorandum of understanding has already been signed in this regard.

A Saudi delegation headed by Commerce and Investment Affair Minister Dr Majid bin Al Qasabi and Finance and Planning Minister Mohammad bin Majyad Altuajari visited Bangladesh in April last year when they agreed to fund $35b in eight projects.

The projects include the Chattogram-Cox's Bazar railway link, Dhaka-Barishal-Payra Port railway link, setting up an oil refinery and petro-chemical storage facility, aircraft maintenance and repair facilities at Lalmonirhat Airport, DAP (DI-ammonium Phosphate) industry, an investment support fund and portfolio investment fund, and upgrading services of state-owned mobile operator Teletalk.

Officials said all concept papers of the projects, except for the DAP industry, have been sent to Saudi Arabia for consideration.

In May 2019, the Bangladesh government sent another proposal for five priority projects for consideration by the Saudi government.

Mohammad Shamsul Alam, additional secretary to the Economic Relations Division, told The Business Standard, "Several issues, including visa, trading, manpower, investment in various sectors such as power, energy, railway, aviation, telecommunication, and public-private partnership, and cooperation in health, education and family welfare will be discussed in the meeting."

The Bangladesh Power Development Board has signed an agreement with ACWA Power and Aramco of Saudi Arabia for the installation of a 3,600 MW LNG-based power plant.

Saudi state-owned energy company Aramco plans to supply liquefied natural gas to Bangladesh as part of a tentative $3 billion deal signed in October 2019.

The power plant and an onshore LNG regasification terminal would be built in the Moheshkhali area of Cox's Bazar, or at an alternative location.

ERD officials say that the leading Saudi construction and manufacturing conglomerate Alfanar Group has agreed to provide $100 million worth of financing for an upcoming solar-power project in Bangladesh.

Riyadh-based Alfanar has signed a memorandum of understanding with the Federation of Bangladesh Chambers of Commerce and Industry at a business meeting in Dhaka.

Additionally, both sides will discuss the formation of a joint committee to work on formulating and signing a general agreement on overall manpower issues.

https://tbsnews.net/economy/bangladesh-eyes-50b-saudi-investment-42181

 

[Bengal71]

LOL

They will invest 50b BS. I don't know why the government wastes time with these Arabs. Just send labor as long as possible, preferably develop the country so no labor needs to go there.

 

[bluesky]

Our newspapers are full of this and that type of futuristic news. Let the Arabs come and then these guys should make news out of it. Sare Bakwas!!

 

[Destranator]

Been hearing such crap for a decade now. Saudis are full of sh*t. They dish out such illusive offers just to gain upper hand in diplomacy and business negotiations.

 

[fallstuff]

If I know Arabs any better these guys are trying to get something now with a future promise of $50 billion investment which will never take place.

 

[mmr]

Bangladesh eyes $50b Saudi investment



ECONOMY
Saifuddin Saif
05 February, 2020, 05:45 pm
Last modified: 05 February, 2020, 06:26 pm



Both countries will sit together next week to discuss issues such as prioritising projects and other critical bottlenecks

Bangladesh is expecting up to $50 billion worth of investments from oil-rich Saudi Arabia, but officials are unsure when the investments will materialise.

Both countries will sit together next week to discuss issues such as prioritising the projects and other critical bottlenecks.

"We will make a presentation to the Saudi delegate on potential investment areas in Bangladesh," Sirazul Islam, executive chairman of the Bangladesh Investment Development Authority (BIDA), told The Business Standard yesterday.

Riyadh has asked for data and information on prevailing investment and commercial opportunities in the private sector, and procedures and capital protection in Bangladesh for Saudi investors.

Saudi company AL-Bawani and its partners want 1,000 hectares of land where they will develop infrastructure to attract industries and foreign investment. A memorandum of understanding has already been signed in this regard.

A Saudi delegation headed by Commerce and Investment Affair Minister Dr Majid bin Al Qasabi and Finance and Planning Minister Mohammad bin Majyad Altuajari visited Bangladesh in April last year when they agreed to fund $35b in eight projects.

The projects include the Chattogram-Cox's Bazar railway link, Dhaka-Barishal-Payra Port railway link, setting up an oil refinery and petro-chemical storage facility, aircraft maintenance and repair facilities at Lalmonirhat Airport, DAP (DI-ammonium Phosphate) industry, an investment support fund and portfolio investment fund, and upgrading services of state-owned mobile operator Teletalk.

Officials said all concept papers of the projects, except for the DAP industry, have been sent to Saudi Arabia for consideration.

In May 2019, the Bangladesh government sent another proposal for five priority projects for consideration by the Saudi government.

Mohammad Shamsul Alam, additional secretary to the Economic Relations Division, told The Business Standard, "Several issues, including visa, trading, manpower, investment in various sectors such as power, energy, railway, aviation, telecommunication, and public-private partnership, and cooperation in health, education and family welfare will be discussed in the meeting."

The Bangladesh Power Development Board has signed an agreement with ACWA Power and Aramco of Saudi Arabia for the installation of a 3,600 MW LNG-based power plant.

Saudi state-owned energy company Aramco plans to supply liquefied natural gas to Bangladesh as part of a tentative $3 billion deal signed in October 2019.

The power plant and an onshore LNG regasification terminal would be built in the Moheshkhali area of Cox's Bazar, or at an alternative location.

ERD officials say that the leading Saudi construction and manufacturing conglomerate Alfanar Group has agreed to provide $100 million worth of financing for an upcoming solar-power project in Bangladesh.

Riyadh-based Alfanar has signed a memorandum of understanding with the Federation of Bangladesh Chambers of Commerce and Industry at a business meeting in Dhaka.

Additionally, both sides will discuss the formation of a joint committee to work on formulating and signing a general agreement on overall manpower issues.

https://tbsnews.net/economy/bangladesh-eyes-50b-saudi-investment-42181

They will only invest in Las Vegas lol.

 

[Dual Wielder]

Bangladesh is expecting up to $50 billion worth of investments from oil-rich Saudi Arabia, but officials are unsure when the investments will materialise.

 

[UKBengali]

Guys, let us not dismiss this out of hand.

BD is the fastest growing large developing country in the world and forecast to stay this way till 2034. FDI is booming into BD and is nearly the same per capita as India now from a much lower amount only a few years ago.

If the Gulf Arabs have spare money and want to invest in BD so that both countries win, then no reason not to explore the possibilities.

What BD lacks is cheap capital and it should welcome this from all sources.

 

[Bengal71]

Guys, let us not dismiss this out of hand.

BD is the fastest growing large developing country in the world and forecast to stay this way till 2034. FDI is booming into BD and is nearly the same per capita as India now from a much lower amount only a few years ago.

If the Gulf Arabs have spare money and want to invest in BD so that both countries win, then no reason not to explore the possibilities.

What BD lacks is cheap capital and it should welcome this from all sources.

The gulfies will not invest a cent even if they have money. That goes for all Arabs.

 

[Kaleem.61]

The gulfies will not invest a cent even if they have money. That goes for all Arabs.

But for personal benefits.

 

[Old School]

Saudis will buy Manchester United instead. These are nothing but carrots to get leverage, mercenaries and more slave labors for penuts. Saudis rather invest in silicone valley unicorns with their vaporwares in order to play high stake gambles in Wall Street. Don't get fooled.

 

[Black_cats]

Published on 12:00 AM, February 12, 2020
Bangladesh eyeing $50b in investment from Saudis

Star Business Report
Investment is set to top the priority list as two days of talks between Bangladesh and Saudi Arabia begin at Economic Relations Division (ERD) from today.

The meetings are of a Joint Economic Commission formed by the two countries. It will comprise a 40-member Saudi delegation, led by a deputy minister for labour and social development and including 10 representatives from seven conglomerates.

The entities are Saudi Aramco, ACWA Power, Honey and Health, Engineering Dimension Com, Aljomaih Energy and Water Company, Albwani Water and Power, and Red Sea Gateway Terminal (RSGT).

The company representatives will take part in technical sessions of business-to-government meetings to discuss about investment opportunities and the modalities. Monowar Ahmed, secretary to the ERD, will lead the Bangladesh side.

The seven companies, already having billions of dollars invested in Bangladesh's power and textile sectors, are interested in expanding their investment, said Mohammad Abul Hasan, economic minister at the Bangladesh embassy in the kingdom.

Bangladesh wants to mobilise $50 billion in investment from the Saudi investors and there is scope to get at least $15 billion for the energy sector, he told The Daily Star.

Saudi Crown Prince Mohammed Bin Salman is heading a $250 billion Public Investment Fund and has undertaken a "Look East" investment policy against the region's recent economic developments, he added.

The Saudi government is keen on investing in Bangladesh and the question is over how much the latter could absorb, said Hasan.

Known internationally for world-class port terminal services, the RSGT is one of Saudi Arabia's largest operators, building its newest flagship container terminal at Jeddah Islamic Port.

It is keen on making investments under public-private partnership to develop Bangladesh's port infrastructure and maritime sector. Last August it proposed investing in infrastructure and technical developments of the Chattogram, Mongla and Payra ports.

The Saudi company has already signed a letter of intent with the shipping ministry to explore investment opportunities and provide expertise.

Meanwhile, Saudi Aramco is keen on working on an oil refinery, a petrochemical complex and associated storage.

www.thedailystar.net/business/news/bangladesh-eyeing-50b-investment-saudis-1866766%3famp

 

[Black_cats]

Saudi Arabia reportedly set to invest $30bn in Bangladesh

Leading Saudi Arabian companies are looking to invest in Bangladesh. (Reuters)
Short Url
https://arab.news/5qgmn

• Saudi delegation led by Deputy Minister for International Affairs Mahir Al-Gassin and including representatives from seven of the Kingdom’s largest conglomerates
• BIDA’s Mohammad Sirazul Islam: We are very keen to have Saudi investors here in Bangladesh because they have huge investment capacity

Updated 18 sec ago
SHEHAB SUMON
February 12, 2020 21:46
1145

DHAKA: Some of Saudi Arabia’s top companies are looking to invest around $30 billion in a number of Bangladesh’s business sectors, according to Bangladeshi officials.

On the first day of a two-day Joint Economic Council meeting, a 40-member Saudi delegation — led by Deputy Minister for International Affairs Mahir Al-Gassin and including representatives from seven of the Kingdom’s largest conglomerates: Saudi Aramco, ACWA Power, Honey and Health, Engineering Dimension Com, Aljomaih Energy and Water Company,

Albwani Water and Power, and the Red Sea Gateway Terminal (RSGT) — and a Bangladeshi side led by Economic Relations Division (ERD) Secretary Monowar Ahmed held six technical talks in Dhaka on Wednesday.

Faisal Zahur, senior assistant chief of ERD’s Middle East wing, told Arab News that the Saudi delegation was analyzing a draft agreement that would be ready to sign on Thursday.

“The JEC meeting was heavily dominated by investment issues mainly in the power and energy sector of Bangladesh. We have prepared a draft agreement which will be inked on Thursday by both sides,” he said, adding that other matters pertaining to the welfare of Bangladeshi workers in the Kingdom were also discussed.

“The Saudi authorities were asked to resolve passport issues for Bangladeshi migrants who are facing trouble in the Kingdom due to expired passports,” Zahur said, adding that while investments worth $30 billion were on the charts, the amount could be more.

“Saudi investors are ready to invest any amount in Bangladesh but it depends on how much the country can consume,” he said.

Mohammad Sirazul Islam, executive chairman of the Bangladesh Investment Development Authority (BIDA), told Arab News that Saudi Arabia is an ideal partner.

“We are very keen to have Saudi investors here in Bangladesh because they have huge investment capacity. Our focus is to bring in large investors who will invest several hundred million or billion (dollars),” he said.

Islam added that both government-to-business and business-to-business investments had been discussed on Wednesday, with most of the investment in the private sector tilting towards joint ventures.

“Engineering Dimensions, a giant transformer producer in the Kingdom, has already started a joint venture with a Bangladeshi state-owned company,” he said. “Now, discussions are underway about tax benefits and other relevant issues, which are expected to be settled very soon.”

https://www.arabnews.com/node/1626891/world