BoI member Md. Nazrul Islam and a member of the Abu Dhabi Consortium, Omar Z Al Askari, signed the MoU on behalf of their respective sides at the State Guest House Meghna in the city.

Foreign Minister M Morshed Khan, Abu Dhabi Group Chairman Sheikh Nahayan Mabarak Al Nahayan and the Energy Ministry Advisor Mahmudur Rahman witnessed the signing.

In his speech, Sheikh Nahayan Mabarak Al Nahayan said, "Bangladesh is continuously developing its economy and we want to take part in the development process by coming here."

"The country's future is very bright, its investment incentive is lucrative. There are many opportunities and the road is very straight," Nahayan added.

In his speech, Foreign Minister M Morshed Khan noted that the Gulf leader had fruitful talks with President Iajuddin Ahmed and Prime Minister Khaleda Zia.

"The signing of the MoU is not very important. But important is that the oil rich Middle Eastern investors are there for investment deals," Khan commented.

Energy Ministry Advisor and BoI executive chairman Mahmudur Rahman said, "Now it is proven that the world-renowned investors are visiting the country despite multifarious propaganda against Bangladesh."

He said the Abu Dhabi Group has proposed to invest in the telecom, hospitality and pharmaceutical sectors, with a total of about one billion US dollars.

"They have already applied for operating a GSM cellular license to operate a mobile telephony network in Bangladesh and the process is going on. We hope that the investment will come by this year."

He said the BoI had spoken with the group and that they had also shown interest in the energy sector.

"We plan to set up a privately run refinery in the country. And we approached the group to invest in the sector," Mahmudur Rahman said.

The Group will prepare a detailed investment proposal document with respect to proposed projects within a period of 90 days after the signing of the MoU.

The Abu Dhabi Group, located in the United Arab Emirates in the city of Abu Dhabi, has diversified business interests ranging from the hospitality industry, construction, real estate development and management, manufacturing, company representation, offshore drilling, banking and financial services.