AD Ports Group, Saif Powertec team up to develop ports, logistics in Bangladesh

AD Ports Group, a global leader in trade, logistics, and industry, has signed a Memorandum of Understanding (MoU) with Saif Powertec Limited to explore potential cooperation on various port projects in Bangladesh.

The MoU was signed by Captain Mohamed Juma Al Shamisi, managing director and chief executive officer of AD Ports Group, and Tarafder Md. Ruhul Amin, Managing Director of Saif Powertec Ltd in Abu Dhabi on Wednesday (26 June).

The agreement outlines joint activities and development projects in ports, container depots, and logistics facilities across Chattogram, Mongla, and Dhaka.

This collaboration marks a significant step in enhancing port operations and logistics in Bangladesh. AD Ports Group, the Abu Dhabi Port Authority, said this in a statement on Wednesday.

Previously, on 16 May, a non-binding memorandum of understanding was signed between AD Ports Group and the Chittagong Port Authority to invest $1 billion in the multipurpose terminal at Bay Terminal in Chittagong Port.

Captain Mohamed Juma Al Shamisi emphasized the importance of this cooperation, stating, "This cooperation highlights our ongoing commitment to unlocking fresh opportunities globally. Working alongside Saif Powertec Ltd, 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 said, "Today is another proud day for us as we continue our ongoing partnership with AD Ports Group, which could lead us to work together on big projects in Bangladesh.

"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."

Saif Powertec Ltd, established in 2003, aims to enhance its expertise and services to provide optimal outcomes for its clients and address new challenges, ultimately positioning itself as a leader in power and material handling solutions in Bangladesh and its neighbouring countries.

Earlier in April 2022, Saif Powertec signed an agreement with Safin Feeder Company of the United Arab Emirates to start business in the shipping and logistics sector abroad as the first Bangladeshi company. This allows Saif Powertec to operate eight vessels.

Saif Powertec has become the first Bangladeshi company to sign a Memorandum of Understanding (MoU) with a company in the shipping and logistics sector abroad.

About 58% of Chittagong Port's container handling is Saif Powertec, the country's only terminal operator. The company also handles containers at Mongla and Pangaon ports.

On the other hand, AD Ports Group, established in 2006, is a premier facilitator of logistics, industry, and trade, connecting Abu Dhabi to the world. Listed on the Abu Dhabi Securities Exchange, the group operates 28 terminals across 50 countries and manages over 550 square kilometres of economic zones.

AD Ports Group is rated A+ by S&P and A+ Outlook Stable by Fitch, reflecting its robust financial stability and strategic importance.