Dhaka, March 15 -- Saudi Arabia is planning to invest $1.2 billion in Bangladesh, and the Saudi company, Red Sea Gateway Terminal, will start its operations at Patenga Bay Terminal in Chattogram in April this year, Saudi Ambassador in Dhaka, Essa Yousef Essa Al Duhailan, said on Thursday.

While talking to the media at the opening of a food basket event at the Saudi embassy in the capital, he said that last year the Saudi company signed a 22-year concession deal with the Chattogram Port Authority to develop a container terminal at Bangladesh's primary port in a deal worth $170 million.

The Red Sea Gateway Terminal will develop and operate a 500,000-twenty-foot equivalent unit facility and will be equipped with new technologies to handle ...