Abu Dhabi – Mubasher: AD Ports Group and Saif Powertec Limited signed a memorandum of understanding (MoU) to cooperate on projects in various ports in Bangladesh, according to a press release.

The two parties will explore opportunities for operational projects as well as under-development projects to develop container depots and logistics facilities in Chattogram, Mongla, and Dhaka.

They will also establish a joint working group to share expertise, studies, strategies, technical assistance, and the implementation of shared activities.

Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports, said, “Working alongside Saif Powertec will provide a greater platform for us to offer our world-class services and experience on various projects in Bangladesh.”

“The signing of this MoU further enhances the group’s presence in Bangladesh and South Asia as we continue to grow and develop the close relationships we have built over the years in line with the vision of our wise leadership,”

Tarafder Md Ruhul Amin from Saif Powertec, commented: “The MoU is yet another indicator of the strength of the relationship between Saif Powertec Ltd. and AD Ports Group and we’re looking forward to collaborating for many years to come.”

“AD Ports brings a wealth of experience and know-how to the table when it comes to our industry, so teaming up with them to continue to grow our operations in Bangladesh makes total sense for us.”

The group recently penned a definitive concession agreement with Egypt's Red Sea Ports Authority (RSPA) to invest $4.70 million in the Red Sea region.

In the first quarter (Q1) of 2024, the net profits attributable to the owners of AD Ports dropped to AED 313.83 million from AED 330.93 million in Q1-23.