The Chittagong Port Authority (CPA) sealed a 22-year concession agreement with Red Sea Gateway Terminal (RSGT), a Saudi Arabian company, to manage the newly constructed Patenga Container Terminal (PCT) through a PPP-G2G arrangement.

The signing ceremony, witnessed by Prime Minister Sheikh Hasina and Saudi Investment Minister Khalid A. Al-Falih, took place at the Prime Minister’s Office (PMO). CPA Chairman Rear Admiral Mohammad Sohail and RSGT CEO Jeans O Foley formalized the agreement.

Earlier, the Saudi minister held a courtesy meeting with the Bangladeshi Prime Minister at her office. RSGT, an international terminal operator, represents a collaboration with the Malaysian Mining Company (MMC).

With combined assets and expertise, RSGT stands among the world’s top 10 container terminal operators, boasting an annual handling capacity of 20 million TEUs and an equity-weighted throughput exceeding 10 million TEUs.

In a meeting in Doha earlier this year, Saudi Arabia pledged substantial investments in Bangladesh across diverse sectors, citing the country’s stable governance and commendable economic growth.

During the ceremony, PM’s Private Industry and Investment Adviser Salman Fazlur Rahman, Saudi Investment Minister Khalid Al Falih, and RSGT Chairman Aamer A Alireza addressed the attendees. State Minister for Shipping Khalid Mahmud Chowdhury delivered the opening speech.

The event also saw the presence of the Kingdom of Saudi Arabia’s Ambassador to Bangladesh, Essa bin Yousuf Al Duhailan, alongside Saudi and Bangladeshi business representatives.