Saudi Arabian investor to invest 3 bln USD in Bangladesh

Saudi Arabian business tycoon Nagi Al Awad is scheduled to arrive here on March 1 with an investment proposal of 3 billion U.S. dollars, according to a press release here Tuesday.

Nagi Al Awad, also chairman of Al Awad Group, is interested to take over state-owned Bangladesh Shilpa Rin sangstha (BSRS), set up a 500 MW power plant and a 100 percent export-oriented oxygen manufacturing plant in Bangladesh, said the press release.

His representative visited Dhaka in January and expressed the investment interest, the release said, adding "they have so far finalized two initial agreements with their local counterparts on the power and oxygen plants."

Nagi Al Awad will meet with Bangladesh's Finance and Commerce Advisor Mirza Azizul Islam on March 1 and officially submit the investment proposal on March 3, the press release said.

They will sign a joint venture Memorandum of Understanding with Industry Power Company Limited for the power plant and Bangladesh Welding Electrodes for the oxygen plant.

The Saudi business group has business interest in medical oxygen, medical equipment, banking, leather and hydrocarbon business in some countries of the world.

Source: Xinhua