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FINANCIAL NEWS
UAE’s DP World to invest USD850m to expand Jebel Ali port
06 Dec 2011
(MENAFN) DP World said that in order to increase capacity at its Jebel Ali port in the UAE, over the coming three years, the world’s third-largest port operator would invest USD850 million, reported Emirates 24/7.
The port operator added that the expansion, which would be funded from existing cash resources and cashflow, would add a capacity of 4 million TEU (twenty-foot equivalent container unit), increasing the port’s total capacity to 19 million TEU by the year 2014.
It also said that it planned to expand its business in Europe and announced earlier this year that it would establish its new London Gateway deep-sea container port, to be operational by 2013’s fourth quarter.
It is worth noting that DP World, which was listed in London in June, is one of the more profitable assets of Dubai World.
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