Saif Powertec Limited, a publicly listed company on Bangladesh's capital market, has signed a memorandum of understanding (MOU) with UAE-based AD Ports to collaborate on multiple port projects in Bangladesh.
The MOU, signed in Abu Dhabi on Wednesday, marks a significant milestone as the first partnership between a Bangladeshi company and an international entity in the shipping and logistics sector. Top executives from both companies, including AD Ports Group Managing Director and CEO Captain Mohamed Juma Al Shamisi and Saif Powertec Managing Director Tarafder Md Ruhul Amin, formalised the agreement.
According to a statement from AD Ports Group, under the terms of the MOU, the two entities will jointly operate and develop ports, container depots, and logistics facilities in Chattogram, Mongla, and Dhaka.
Captain Mohamed Juma Al Shamisi emphasised the strategic importance of the collaboration, stating, "This partnership underscores our commitment to exploring new global opportunities. Teaming up with Saif Powertec will provide a robust platform to leverage our world-class services and expertise across various projects in Bangladesh."
He further added, "This MOU will strengthen our footprint in Bangladesh and South Asia, boosting the close relationships we've cultivated over the years under our visionary leadership."
Managing Director of Saif Powertec, Tarafder Md Ruhul Amin, highlighted the synergy of the partnership, saying, "AD Ports Group brings invaluable industry experience and knowledge. Partnering with them is a logical step as we expand our operations in Bangladesh and neighbouring regions."
Earlier in April 2022, Saif Powertec initiated international operations by signing an agreement with the AD Ports Group's SAFEEN Feeders Company, becoming the first Bangladeshi company to venture into the international shipping and logistics sector. This move allowed the company to commence operations with 8 ships.
Saif Powertec currently handles approximately 58% of containers at Chittagong Port, the country's primary terminal, and manages operations at Mongla and Pangaon ports as well.
