UAE keen to increase engagement with Bangladesh

The United Arab Emirates (UAE) has sought cooperation from the Bangladesh government for the operation of Abu Dhabi-based Wizz Air flights between Abu Dhabi and Dhaka/Chittagong as a low-cost airline.Ambassador of the United Arab Emirates to Bangladesh Abdullah Ali Al Hamoudi met Foreign Minister Dr AK Abdul Momen at the Ministry of Foreign Affairs on Sunday and discussed issues of mutual interest.Foreign Minister Momen has said the relationship between Bangladesh and the United Arab Emirates (UAE) is becoming stronger day by day, reports UNB.He listened to the envoy and assured of full cooperation. Momen further stressed strengthening cooperation on food security, energy security and climate change issues between Bangladesh and the UAE.The UAE envoy expressed his country’s interest to scale up the bilateral engagements between the two countries.He underlined the need to enhance cooperation on trade and investment, air and shipping connection, agriculture, food security, floating-based solar energy, pharmaceuticals, IT, afforestation, alliance for mangrove forests etc.

Source: https://thefinancialexpress.com.bd/economy/uae-keen-to-increase-engagement-with-bangladesh-1670838154

China offers $11b JV project

A Chinese company has offered to build tracks and operate high-speed train on Bangladesh’s prime Dhaka-Chattogram corridor with an investment of over US$ 11 billion, officials say.The Chinese firm has proposed to form a joint-venture company with the governments of Bangladesh and China for the big-venture modern train communications.The firm-China Railway Design Corporation (CRDC)–submitted the proposal to the Ministry of Railway (MoR), dated November 12, showing 20:80 share for the governments of Bangladesh and China respectively under Bangladesh High Speed Railway Limited company.Sources said the MoR sent the proposal to Bangladesh Railway to get its opinion on the big venture after discussion.The latest unsolicited proposal through G-2-G Boo basis is, however, a shift from the company’s earlier proposal submitted to the MoR in June on public-private partnership (PPP) model.The Chinese proposal has been received when the BR has suspended its move to develop the bullet train on the same corridor amid government’s austerity measures, after carrying out the feasibility study.The study done in 2020 was, however, had recommended developing the corridor from Dhaka through Chattogram up to Cox’s Bazar for making it viable to spend billions of dollars.

Source: https://thefinancialexpress.com.bd/economy/china-offers-11b-jv-project-1670640164

BB sends observers to Islami Bank, FSIBL

Bangladesh Bank yesterday re-appointed an observer at Islami Bank and dispatched an observer for the first time at First Security Islami Bank (FSIBL) — the two Shariah-based lenders where Chattogram-based business giant S Alam Group has significant stakes.Md AbulKalam, director of the central bank’s forex reserve and treasury management department, will serve as the observer at Islami Bank and MotasemBillah, director of the payment systems department, will as an observer at FSIBL.The decision comes amid reports of allegations of irregularities in the disbursement of large amounts of loans in violation of banking rules in recent times.On December 4, the High Court directed the authorities to probe the alleged loan scams at Islami Bank, Social Islami Bank and FSIBL, whose chairman is S Alam Group chairman Mohammed Saiful Alam. S Alam Group has significant stakes at Social Islami Bank, too.

Source: https://www.thedailystar.net/business/economy/banks/news/bb-sends-observers-islami-bank-fsibl-3194546