AD Ports Group of the UAE today signed a non-binding memorandum of understanding (MoU) with the Chittagong Port Authority (CPA) for the development of the seaport, including construction of a multi-purpose terminal under the mega Bay Terminal project.

The Abu Dhabi-based enabler of global trade, logistics and industry earlier proposed to invest $1 billion to construct and equip the multi-purpose terminal while the CPA said they have recently accepted the proposal.

Once constructed the multi-purpose terminal will be equipped to handle one million TEUs (twenty-foot equivalent units) of containers and seven million tonnes of bulk cargo annually, the port officials hoped.

State Minister for Shipping Khalid Mahmud Chowdhury attended the signing ceremony as the chief guest held at the Westin Dhaka Hotel, according to a press release issued by the CPA.

AD Ports Group Chief Executive Officer (CEO) Saif Al Mazurouei and CPA Chairman Rear Admiral Mohammad Sohail signed the MoU, it read.

Md Mostafa Kamal, senior shipping secretary; Abdulla Ali Abdulla Khaseif Al Hmoudi, UAE ambassador in Bangladesh, and Tarafder Ruhul Amin, managing director of AD Port's local partner Saif Powertec Ltd, also attended the event.

Saif Powertec has been engaged in container shipping in partnership with AD Port's Safeen Feeders since 2022.

Through the signing of the MoU, AD Ports Group in partnership with the CPA would be engaged in the development of the multi-purpose terminal of Bay Terminal along with other projects in the port, Ruhul Amin said.

CPA Secretary Md Omar Faruk also spoke.