Abu Dhabi, UAE – 16 May 2024: AD Ports Group (ADX: ADPORTS), a leading facilitator of global trade, logistics and industry, today signed a MoU with the Chittagong Port Authority to explore the future development and operation of the Multi-Purpose Port in Chittagong Port and other ancillary opportunities in Bangladesh.

The MoU was signed in presence of H.E. Abdulla AlHmoudi, UAE Ambassador, Head of the UAE Mission to Bangladesh and Mr. Khalid Mahmud Chowdhury, MP, Honourable Minister of State, Mr. Md. Mostafa Kamal, Senior Secretary, Ministry of Shipping – Government of the People's Republic of Bangladesh, by Rear Admiral Mohammad Sohail, Chairman, Chittagong Port Authority and Ahmed Al Mutawa, Regional CEO, AD Ports Group.

Rear Admiral Mohammad Sohail, Chairman, Chittagong Port Authority, said: 'The Multi-Purpose Port in Chittagong is a priority for the Government of Bangladesh. It will be a game changer for the regional economy in general and Bangladesh economy in particular. We are pleased to collaborate with AD Ports Group on the development of this vital project, leveraging their expertise and capabilities as a global trade and logistics player. We hope that this MoU will pave the way for further cooperation that will attract more foreign direct investments to Bangladesh.'

Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: 'We are excited to explore the development and operation of the Multi-Purpose Port  and other ancillary opportunities in Chittagong, the main seaport of Bangladesh, and look forward to leveraging our experience and capabilities to assist our partners in addressing increased trade volumes in one of the fastest growing economies in South-East Asia, guided by the vision of our wise leadership.'

It's pertinent to note that over 90% of Bangladesh's international trade is conducted through the ports of Chittagong, furthermore Bangladesh's seaports are an integral part of the multimodal network that links the republic to the hinterland, in addition to providing sea access for the landlocked Himalayan countries Nepal, Bhutan and India's Northeast region.

Both nations have celebrated 50 years of bilateral ties earlier in March this year, with ongoing talks to ink a Comprehensive Economic Partnership (CEPA) aimed towards enhancing economic cooperation and opening new avenues for trade and investment, the MoU signed between AD Ports Group and the Chittagong Port Authority is aligned with the aforementioned efforts.

The UAE is considered Bangladesh's second-largest remittance source, a leading trading partner with a significant base of investment for Bangladesh, the volume of non-oil trade exchanges between the two countries exceeds USD 2 billion.