Saudis plan multi billion dollar investment in Bangladesh

[Black_cats]

Saudis plan big investment in Bangladesh
*High-powered team arriving next month *Fertilizer, cement, power plants target
Friday, January 25, 2019

http://m.thedailynewnation.com/news/204002/saudis-plan-big-investment-in-bangladesh

Kazi Zahidul Hasan :

The Kingdom of Saudi Arabia (KSA) is planning to make a big investment in Bangladesh along with further expanding bilateral economic cooperation between the two countries, officials said on Thursday.

They said a high-powered Saudi delegation is scheduled to arrive next month to explore Riyadh's investment opportunities in Bangladesh.

During the visit, the delegation will hold meetings with senior government officials, relevant state agencies and trade body leaders to discuss their planned investment in Bangladesh.

"The team is expected to place multi billion dollars investment proposal during its visit to Bangladesh," a senior Bangladesh Investment Development Authority (BIDA) official told The New Nation yesterday, on condition of anonymity.

He said the oil rich Gulf nation is keen to invest commercially viable projects in Bangladesh focusing on fertilizer, cement and power plants and physical infrastructure.

The Prime Minister's Office earlier directed the BIDA to coordinate and monitor Saudi investment related issues.

BIDA in a recent letter, signed by its Director Ariful Huq, sought a list of proposed investment projects under all the Ministries so that Saudi investment can be channelised there.

The letter reads, "Prime Minister Sheikh Hasina had a fruitful discussion with the Saudi government about investing in various projects in Bangladesh during her four-day visit to Saudi Arabia in October 2018.

During the visit, Hasina called for more Saudi investment and to explore business opportunities in Bangladesh. She also offered a special economic zone out of 100 special economic zones to Saudi investors.

In continuation of this, Saudi Arabia's Ministers for Commerce and Investment and Economy and representatives of Saudi Arabia's Public Investment Fund (PIF) and the Saudi Fund for Development (SDF) will visit Bangladesh on 10-11 February.

The letter also reads, "There has been a preparatory meeting on January 9 where all government Ministries and agencies have been given guidelines over materializing Saudi investment in prospective sectors."

Officials said, Bangladesh has already selected a number of prospective sectors expecting a large volume of investment from the KSA.

The sectors are: petrochemicals, pharmaceuticals, services, telecommunications, ICT, power and energy, physical infrastructure, agro processing and shipbuilding.  Â
BIDA on Wednesday convened a meeting to discuss the possible areas of the KSA's investment in Bangladesh, with its Executive Chairman Kazi M Aminul Islam in the chair.

Concerned government officials attended the meeting with full list of proposed foreign aided projects under all Ministries.
"We have already identified prospective sectors expecting considerable amount of investment from Saudi Arabia. But, we will leave it to the delegation as per their investment preferences," BIDA Executive Chairman Kazi M Aminul Islam told The New Nation.

He said Riyadh is eager to set up a fertilizer factory, oil refinery and cement manufacturing plant as part of its planned investment in Bangladesh.

"We are hopeful of having a fruitful discussion with the high-powered Saudi delegation. During the discussion, the Saudi delegation will be informed about the recent economic development of Bangladesh looking at new areas of engagement covering trade and investment promotion."

When asked, Kazi M Aminul Islam said, "We are expecting big Saudi investment banking on expanded bilateral trade and investment cooperation between Riyadh and Dhaka.  A major breakthrough in this regard is expected to come following the visit of Saudi delegation."

 Earlier, the embassy of Saudi Arabia in Dhaka in a letter to the Ministry of Commerce said businessmen of the Kingdom were keen to expand investment in Bangladesh and requested the Ministry to inform it about the areas where Bangladesh expect investment.

Saudi Arabia also sought information on big infrastructure projects undertaken by the government of Bangladesh.

"All the information will be sent to Riyadh soon aiming at expanding new areas of economic cooperation," said BIDA Executive Chairman.

More than one and a half million Bangladeshi professionals and workers are living in the KSA, making it Bangladesh's single largest source of remittance earnings.

Bangladeshi expatriates living in the Kingdom sent US$2.59 billion remittance in the last fiscal (2017-18). The country's total remittance inflow hit US$14.97 billion during the period, according to Bangladesh Bank.

Though trade between the two nations has increased significantly in the recent years, still it remains modest level. Bangladesh exports to the KSA were around $350 million in the last fiscal, whereas Bangladesh's imports from the KSA stood at around $750 million during the period.

 

[The SC]

Saudis plan big investment in Bangladesh
*High-powered team arriving next month *Fertilizer, cement, power plants target
Friday, January 25, 2019

http://m.thedailynewnation.com/news/204002/saudis-plan-big-investment-in-bangladesh

Kazi Zahidul Hasan :

The Kingdom of Saudi Arabia (KSA) is planning to make a big investment in Bangladesh along with further expanding bilateral economic cooperation between the two countries, officials said on Thursday.

They said a high-powered Saudi delegation is scheduled to arrive next month to explore Riyadh's investment opportunities in Bangladesh.

During the visit, the delegation will hold meetings with senior government officials, relevant state agencies and trade body leaders to discuss their planned investment in Bangladesh.

"The team is expected to place multi billion dollars investment proposal during its visit to Bangladesh," a senior Bangladesh Investment Development Authority (BIDA) official told The New Nation yesterday, on condition of anonymity.

He said the oil rich Gulf nation is keen to invest commercially viable projects in Bangladesh focusing on fertilizer, cement and power plants and physical infrastructure.

The Prime Minister's Office earlier directed the BIDA to coordinate and monitor Saudi investment related issues.

BIDA in a recent letter, signed by its Director Ariful Huq, sought a list of proposed investment projects under all the Ministries so that Saudi investment can be channelised there.

The letter reads, "Prime Minister Sheikh Hasina had a fruitful discussion with the Saudi government about investing in various projects in Bangladesh during her four-day visit to Saudi Arabia in October 2018.

During the visit, Hasina called for more Saudi investment and to explore business opportunities in Bangladesh. She also offered a special economic zone out of 100 special economic zones to Saudi investors.

In continuation of this, Saudi Arabia's Ministers for Commerce and Investment and Economy and representatives of Saudi Arabia's Public Investment Fund (PIF) and the Saudi Fund for Development (SDF) will visit Bangladesh on 10-11 February.

The letter also reads, "There has been a preparatory meeting on January 9 where all government Ministries and agencies have been given guidelines over materializing Saudi investment in prospective sectors."

Officials said, Bangladesh has already selected a number of prospective sectors expecting a large volume of investment from the KSA.

The sectors are: petrochemicals, pharmaceuticals, services, telecommunications, ICT, power and energy, physical infrastructure, agro processing and shipbuilding.  Â
BIDA on Wednesday convened a meeting to discuss the possible areas of the KSA's investment in Bangladesh, with its Executive Chairman Kazi M Aminul Islam in the chair.

Concerned government officials attended the meeting with full list of proposed foreign aided projects under all Ministries.
"We have already identified prospective sectors expecting considerable amount of investment from Saudi Arabia. But, we will leave it to the delegation as per their investment preferences," BIDA Executive Chairman Kazi M Aminul Islam told The New Nation.

He said Riyadh is eager to set up a fertilizer factory, oil refinery and cement manufacturing plant as part of its planned investment in Bangladesh.

"We are hopeful of having a fruitful discussion with the high-powered Saudi delegation. During the discussion, the Saudi delegation will be informed about the recent economic development of Bangladesh looking at new areas of engagement covering trade and investment promotion."

When asked, Kazi M Aminul Islam said, "We are expecting big Saudi investment banking on expanded bilateral trade and investment cooperation between Riyadh and Dhaka.  A major breakthrough in this regard is expected to come following the visit of Saudi delegation."

 Earlier, the embassy of Saudi Arabia in Dhaka in a letter to the Ministry of Commerce said businessmen of the Kingdom were keen to expand investment in Bangladesh and requested the Ministry to inform it about the areas where Bangladesh expect investment.

Saudi Arabia also sought information on big infrastructure projects undertaken by the government of Bangladesh.

"All the information will be sent to Riyadh soon aiming at expanding new areas of economic cooperation," said BIDA Executive Chairman.

More than one and a half million Bangladeshi professionals and workers are living in the KSA, making it Bangladesh's single largest source of remittance earnings.

Bangladeshi expatriates living in the Kingdom sent US$2.59 billion remittance in the last fiscal (2017-18). The country's total remittance inflow hit US$14.97 billion during the period, according to Bangladesh Bank.

Though trade between the two nations has increased significantly in the recent years, still it remains modest level. Bangladesh exports to the KSA were around $350 million in the last fiscal, whereas Bangladesh's imports from the KSA stood at around $750 million during the period.

Good news!

 

[Black_cats]

Does anyone has idea how many billion usd investment this one will be?

Previously there was news that Saudi Arabia will invest 50 billion usd in Bangladesh!!

https://defence.pk/pdf/threads/saudi-arabia-wants-to-invest-50-billion-dollars-in-bangladesh.532766/

 

[Mage]

Saudi Arabia will invest 50 billion usd in Bangladesh!!

Saudi investments are usually about Building Mosques, Madrassas and Islamic Research Centers.

Not even 10% of the total investment pledges actually materializes in Bangladesh.

We talk big and do very little in reality that's why others also pledge big but do very little to us.

 

[bluesky]

Does anyone has idea how many billion usd investment this one will be?

Previously there was news that Saudi Arabia will invest 50 billion usd in Bangladesh!!

https://defence.pk/pdf/threads/saudi-arabia-wants-to-invest-50-billion-dollars-in-bangladesh.532766/

You can add another imaginary $50 billion this time. So, it will be a total of $100 billion, I guess.

 

[Black_cats]

You can add another imaginary $50 billion this time. So, it will be a total of $100 billion, I guess.

Dude it was said by Saudi Ambassador not any anonymous source!!

https://www.facebook.com/

@bluesky

 

[bluesky]

Dude it was said by Saudi Ambassador not any anonymous source!!

https://www.facebook.com/

@bluesky

I have read newspaper reports previously about SA, Libyan, Qatari, and UAE investment several times. But, nothing of those sorts ever materialized. This time it is again SA investment thing. SA's domestic investments are done by the private companies (Local and FDI) and not by the govt of SA. Please ask any of these companies to make its intention of investment clear.

However, this time, the SA business people may be more interested in playing games in the Dhaka Stock Exchange rather than investment in a project. The SA govt/businesses may want to use the current investment promises to shore up the stock market whereby they will buy stocks when they are still at lower prices and sell them at much higher prices when the local euphoria is at a peak.

SA and Jewish businesses love to work from the Boardroom instead of wasting time and labor in the factory floors. Both groups have hedge funds of their own.

@UKBengali, how are you?

 

[Nilgiri]

I have read newspaper reports previously about SA, Libyan, Qatari, and UAE investment several times. But, nothing of those sorts ever materialized. This time it is again SA investment thing. SA's domestic investments are done by the private companies (Local and FDI) and not by the govt of SA. Please ask any of these companies to make its intention of investment clear.

However, this time, the SA business people may be more interested in playing games in the Dhaka Stock Exchange rather than investment in a project. The SA govt/businesses may want to use the current investment promises to shore up the stock market whereby they will buy stocks when they are still at lower prices and sell them at much higher prices when the local euphoria is at a peak.

SA and Jewish businesses love to work from the Boardroom instead of wasting time and labor in the factory floors. Both groups have hedge funds of their own.

@UKBengali, how are you?

You are only about 1 month through the ari/katti. 3 months to go still till little sis breaks it

Saudi investments are usually about Building Mosques, Madrassas and Islamic Research Centers.

Not even 10% of the total investment pledges actually materializes in Bangladesh.

We talk big and do very little in reality that's why others also pledge big but do very little to us.

MOU = fun to sign for optics.....worth mostly paper in the end.

KSA especially since it doesnt really have private sector vehicles for implementation

Their govt is very miserly (preferring to locally hoard it in ARAMCO etc which is still not publicly listed anywhere so that revenue can be kept private) unless it's:

a) western banking/arms provider country (i.e real estate and hedge funds for some effective baksheesh)

b) islamic halal infra like you mention

BD obviously b) applies to more.

 

[Bilal9]

Saudi investments are usually about Building Mosques, Madrassas and Islamic Research Centers.

Not even 10% of the total investment pledges actually materializes in Bangladesh.

We talk big and do very little in reality that's why others also pledge big but do very little to us.

I may have to differ with you about that 'do very little in reality part'. You may not be aware.

Someone more knowledgeable than me needs to apprise you about all the capital improvement and infra projects ongoing. Granted, Hasina is not the only factor in all this (although she wants to take credit for all of it).

Granted - I need to see Saudi investments on the ground before I believe it, but there are plenty of actual investments, especially Chinese/Korean/Taiwanese/Japanese ones. One need to be involved with BEZA initiatives and industrial circles to know.

This is my take - there was more infra projects and industrial setup ongoing/completed in the last decade and a half than all projects in the past thirty years BEFORE that since 1971 COMBINED.

Even detractors/naysayers admit to this.

That sticky thread about infra should be your main guide,

https://defence.pk/pdf/threads/bang...evelopment-updates-discussions.418207/page-55

 

[Black_cats]

Saudi trade delegation due in Dhaka Feb 10
FHM Humayan Kabir | Published: January 29, 2019 10:57:15 | Updated: January 29, 2019 12:09:20

A high-powered Saudi Arabian business delegation will visit Bangladesh in early next month to explore possible investments here, officials said on Monday.

Some 20 renowned Saudi Arabian business groups from power, energy, oil, railway, cement, IT and financial sectors will arrive in Dhaka on February 10, Executive Chairman of the Bangladesh Investment Development Authority (BIDA) Kazi M Aminul Islam said.

"We expect to have some advancement in Dhaka for getting more than US$1.0 billion investment from the Saudi Arabian investors in the next meeting," he told the FE.

Mr Islam said the business delegation is the highest level of group from Saudi Arabia as two cabinet ministers from Ministry of Commerce and Investments and Ministry of Economy and Planning will accompany the team.

During the two-day visit, the delegation will hold meetings with BIDA, some ministers, senior government officials and agencies concerned and trade body leaders on their planned investments in Bangladesh.

Some Saudi investors including power sector player AlFanar and Daelim Arabia Company Ltd, Oil sector business giant Aramco, IT sector player Eng. Dimension and Kamber Dynwig Co. and fertiliser business house Hanwah and Alrajhi will visit Dhaka with their investment proposals.

Following the visit of Prime Minister Sheikh Hasina to Riyadh in October last year, some Saudi investors had already made some investment proposals.

A few memorandums of understanding (MoUs) were also signed regarding their investments in the country.

"Some 2-3 investors have already advanced much with their investment proposals. Their representatives had already held some meetings with the Bangladesh government authority to furnish their investments here," Mr Islam said.

"In the next meeting in February, we expect to finalise some of their proposals for investments in Bangladesh," he added.

Saudi company AlFanar is expected to set up a 100-megawatt (MW) solar power plant in Feni. Another company is likely to go for joint-venture (JV) investment with the Bangladesh government to set up Chhatak cement factory.

Besides, another company has proposed to set up fertiliser factory in Saudi Arabia for supplying the products to Bangladesh only, the BIDA executive chairman said.

Mr Islam further said they would also request the Saudi team to become a partner of a US$1.0 billion fund which would be proposed to be created by BIDA.

"It will be utilised for equity support for investments here to both local investors and Saudi investors."

Another BIDA official said representatives of Saudi government's Public Investment Fund (PIF) and the Saudi Fund for Development (SDF) will accompany the business delegation.

More than 1.5 million Bangladeshi professionals and workers are living in Saudi Arabia, Bangladesh's single largest source of remittance earnings.

Bangladeshi expatriates in Saudi Arabia sent US$2.59 billion remittance in the last fiscal year 2017-18.

Though trade between the two nations has increased significantly in recent years, it still remains at modest level.

In FY 2018, Bangladesh's export to Saudi Arabia was nearly $350 million, and its import from the middle-east country was recorded at around $750 million.

humayan10@gmail.com

http://thefinancialexpress.com.bd/trade/saudi-trade-delegation-due-in-dhaka-feb-10-1548737835

 

[Mage]

KSA crown prince to send team to Dhaka in Feb
Shahidul Islam Chowdhury | Published: 01:01, Jan 30,2019



Saudi crown prince Mohammed bin Salman is set to send a high profile delegation to Bangladesh in the second week of February to assess potentials of investment in Bangladesh and trade between the two countries.
A delegation led by KSA’s commerce and investment minister Majed Alkassadbi and economy and planning minister Mohammad Al Tuwaijri would be in Dhaka for a series of meetings with their Bangladesh counterparts on February 10, diplomatic sources said.
Representatives from Public Investment Fund and Saudi Fund for Development would also be included in the delegation.
Bangladesh finance minister AHM Mustafa Kamal, commerce minister Tipu Munshi, planning minister MA Mannan and Bangladesh Investment Development Authority top officials would hold meetings with the Saudi delegation.
The Saudi delegation is also expected to call on prime minister Sheikh Hasina during the visit.
Mohammed bin Salman expressed his intent to send a delegation to Bangladesh as prime minister Hasina stressed the need during her visit to the Arab kingdom in October last year for Saudi investment here and increase trade between the two countries, diplomats said.
When asked if any agreement would be signed during the visit, a senior Bangladesh diplomat said the two Saudi ministers would mainly assess potentials of investment in Bangladesh.
The two sides would also assess the scopes for increasing bilateral trade, he said.
The government held an inter-ministerial meeting on Tuesday at the Prime Minister’s Office for preparations of the Saudi delegation. Top government officials joined the meeting.

http://www.newagebd.net/article/63282/ksa-crown-prince-to-send-team-to-dhaka-in-feb

 

[Mage]

I wonder who they plan to assassinate?

 

[Bilal9]

Brother they have enough money to hire 'Kopa Shamsoo' anytime.

But I believe this time around, they're serious about trade. Saudi isn't doing so hot. The war in Yemen (and Syria) are bleeding money, oil revenues have tanked, there is massive unemployment at home and the economy is in need of serious diversification.

Bangladesh with its cheap labor force may be a ticket to better investment returns.

 

[Black_cats]

@waz @Horus @Dubious can you please merge the thread with this one:

https://defence.pk/pdf/threads/saudis-plan-multi-billion-dollar-investment-in-bangladesh.598992/

 

[Bengal71]

Brother they have enough money to hire 'Kopa Shamsoo' anytime.

But I believe this time around, they're serious about trade. Saudi isn't doing so hot. The war in Yemen (and Syria) are bleeding money, oil revenues have tanked, there is massive unemployment at home and the economy is in need of serious diversification.

Bangladesh with its cheap labor force may be a ticket to better investment returns.

Whenever Saudi or other middle eastern countries come towards us, no matter what offer it is, we should turn on our heels 180 degrees and run in the opposite direction. The trouble and shit they bring with them is not worth the investment they make (if they ever do).