DP World: £1.5b UK hub to open in 2013
5 October 2011, 7:18 AM
LONDON – DP World, the world’s third largest port operator, on Tuesday said that its first phase of the London Gateway port and logistics hub will begin operations by the fourth quarter of 2013. It will create 36,000 jobs and contribute up to 3.2 billion pounds to the UK’s economy annually.
LONDON – DP World, the world’s third largest port operator, on Tuesday said that its first phase of the London Gateway port and logistics hub will begin operations by the fourth quarter of 2013. It will create 36,000 jobs and contribute up to 3.2 billion pounds to the UK’s economy annually.
The landmark 1.5 billion pounds ($2.3 billion) port project will have a capacity for 1.6 million TEU (twenty-foot equivalent container units) in the first phase that could save an estimated 65 million road freight miles in the UK by developing the Europe’s largest logistic park.
“DP World has committed to make an investment of $1 billion over a period of next three years to develop this unique infrastructure project in the heart of Europe” Sultan Ahmed bin Sulayem, Chairman of DP World, told Khaleej Times.
He said the funding for this key project has already been completed by arranging long-term loans from international financial institutions.
DP World has been laying the foundations for the new port since early 2010 and made significant progress on the project by developing basic infrastructure and relocating 350,000 animals to new habitant environment.
DP World chief executive Mohammed Sharaf said the company will continue to explore global markets. “If there is an opportunity to get good return on investment, we are ready to invest in emerging markets as well as developed states”.
In reply to a question, he said the Sokhna port expansion project in Egypt is on track to boost its capacity up to 1.1. million TEUs by year end.
About DP World’s available cash flow and financing of 10 existing project expansion, he said the company has sufficient finances to boost its global port handling capacity from 67 million TEUs to 95 million TEUs by 2020.
“We have finances to support our expansion projects and financing is not an issue. It all depends on market conditions to increase the capacity across the globe” he said.
DP World operates more than 60 terminals across six continents, with container handling generating around 80 per cent of its revenue. In addition, the company currently has 10 new developments and major expansions underway in 10 countries.
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