FINANCIAL NEWS

UAE’s Gulftainer launches a USD500m fund

03 Apr 2012

(MENAFN) Sharjah-based ports operator Gulftainer Co launched a USD500 million fund with Russian partners targeting investments in Russia, GCC and Asia, Reuters reported.

Vice chairman Badr Jafar said the company hopes to conclude at least one deal in Russia this year.

Gulftainer closed a USD275 million deal last year to co-develop and operate Russia’s Baltic port of Ust-Luga.

He also said that there is a great commercial potential for port operators in Russia as only five ports currently manage 86 percent of the country’s total container traffic.

Gulftainer is a unit of the Sharjah-based Crescent group of companies and the largest private port and logistics operator in the Middle East.

Gulftainer handled 4 million TEUs globally, or twenty-foot equivalent units, in 2011, of which 3.3 million TEUs were in the UAE.

Gulftainer operates ports in the UAE, Turkey, Iraq, Comoros, Brazil and Pakistan.

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