UAE’s AD Ports Group to invest $1 billion to develop Ctg port

AD Ports Group of UAE has signed a non-binding MoU with Chittagong Port Authority for the development of the seaport, including the construction of a multi-purpose terminal under the Bay Terminal project. The proposed $1 billion investment aims to equip the terminal to handle 1 million TEUs of containers and 7 million tonnes of bulk cargo annually. The MoU was signed by AD Ports Group CEO Saif Al Mazurouei and CPA Chairman Rear Admiral Mohammad Sohail, witnessed by the Shipping State Minister and UAE Ambassador.