FINANCIAL NEWS

Abu Dhabi Ports, DP World to create $3.5b JV

31 May 2010

(MENAFN) Bloomberg reported that Abu Dhabi Ports, master developer of ports and industrial zones in the Gulf Arab emirate, and DP World have teamed up to create a joint venture to operate Khalifa Port at Taweelah.

There will be a new company called Emirates Ports Company, a new ownership between Abu Dhabi and Dubai, Tawfeeq al Mubarak, acting chief executive officer of Abu Dhabi Ports said in an interview in Shanghai.

Construction of Khalifa Port will cost about $3.5 billion, al Mubarak said, all of which will be funded by the government of Abu Dhabi, an oil exporter.

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