Logistics firm set to develop multi-purpose deep-draft ports, container terminals and more in Gujarat. A multi-national logistics company, DP World based in Dubai yesterday signed Memorandum of Understanding (MoU) worth $3 Billion with the Indian state of Gujarat to develop new ports, terminals, and economic zones. The two leaders, His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of UAE and Narendra Modi, Prime Minister of India witnessed the signing ceremony while DP World Group Chairman and CEO Sultan Ahmed bin Sulayem and M K Das, Additional Chief Secretary, Government of Gujarat, also attended.
The signing took place during the ongoing Vibrant Gujarat Global Summit 2024, being held in Gandhinagar. In the deal, DP World will help develop multi-purpose deep-draft ports in South Gujarat and around the western coast of Gujarat towards Kutch, develop Special Economic Zones (SEZs) in Jamnagar and Kutch. The company will also develop the Gati Shakti Cargo Terminals (GCT) and Private Freight Stations at Dahej, Vadodara, Rajkot, Bedi and Morbi. DP World has also signed a MoU with Gujarat Maritime Board to jointly identify opportunities to develop additional ports along the coast of Gujarat, the company announced on Wednesday.
The Chairman and CEO of DP World Group said they were committed to operating in India having worked there for over 20 years. “We are very committed to India, where we have been operating for nearly 20 years. In that time, we invested almost $2.5 billion and we are going to invest more in the next 3 years in these projects. “We have also been present in Gujarat since 2003 and are proud to have been part of the state’s growth story,” he said.
In August 2023, DP World signed a $510 million concession agreement with the Deendayal Port Authority to develop, operate and maintain a new 2.19 million TEU per year mega-container terminal at Tuna-Tekra in Kandla. On commencement, this Greenfield terminal will have state of the art equipment and a 1,100 m berth capable of handling next-generation vessels carrying more than 18,000 TEUs.
By Desmond Nleya, Daily Times
