The Red Sea Gateway Terminal International (RSGT), a Saudi company, and Chittagong Port Authority (CPA) on Wednesday signed a concession agreement to manage and operate the Patenga Container Terminal.

Prime Minister Sheikh Hasina and visiting Saudi Investment Minister Khalid A. Al-Falih witnessed the signing ceremony held at the Prime Minister’s Office.

CPA Chairman Rear Admiral Mohammad Sohail and CEO of RSGT Jeans O. Foley signed the agreement.

Before the event, the Saudi minister had a courtesy meeting with the prime minister at her office.

Saudi Minister Khalid A. Al-Falih arrived here on December 5 on a two-day visit.

It will be the first foreign company to receive Bangladesh’s offer to operate its ports.

RSGT is an international terminal operator representing a partnership between the Red Sea Gateway Terminal of Saudi Arabia and the Malaysian Mining Company (MMC).

The combined assets, handling capacity and experience place the terminal operations among the ten largest container terminal operators globally, with a combined annual handling capacity of 20 million TEUs, and equity-weighted throughput of over 10 million TEUS.

RSGTI will operate the Patenga Container Terminal for the next 22 years.

In May this year in Doha, Saudi Arabia offered to make large scale investment in various sectors of Bangladesh as the country has a stable government and good record of economic growth.

Saudi Arabian Minister of Investment Khalid A. Al-Faliah and Minister of Economy and Planning Faisal Alibrahim came up with the offer when they jointly called on Prime Minister Sheikh Hasina at her place of residence in Doha recently.