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FINANCIAL NEWS
UAE’s DP World to construct London Gateway port
27 Jul 2011
(MENAFN) DP World’s CEO, Mohammed Sharaf, said that the world’s fourth-largest port operator would be prepared to spend around USD2.5 billion to establish London Gateway, the UK’s first deepwater port, reported Arabian Business.
Sharaf added that DP World allocated around USD654 million for work like dredging and reclaiming land, moreover, the new facility would save costs and reduce around 65 million freight miles per year.
He also said that the company started the operations in an area of 106 million feet in order to have enough space for the world’s biggest ships, adding that the new port would expand the country’s capacity for huge container ships and become Europe’s sixth biggest port.
It is worth noting that work on the site will depend on how the market reacts and what the situation is in the market especially that the UK’s economy is struggling. In the second quarter, the country’s gross domestic product (GDP) growth went down to 0.2 percent from 0.5 percent in the first quarter.
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