DP world has announced that 1.9billion USD will be invested in two Chinese port projects.
A new 1.2bn USD port will be built in Tianjin by 2018 for 1.2bn USD and a new 636m USD ‘smart’ container terminal will be built in Quanzhou port by 2017.
DP World’s chairman Ahmed Bin Sulayem said that the 1.2m teu capacity terminal in Quanzhou will unload containers quickly and use electric power to reduce emissions.
The official account of the Crown Prince of Abu Dhabi Mohamed bin Zayed Al Nahyan tweeted: “Mohamed bin Zayed witnesses at his Shanghai residence the DP World’s announcement of 1.9bn USD in investments in China.”
DP World later clarified that this figure is not DP World’s investment but the total investment of all partners until 2020, including DP World. “DP World’s share of the capex will reflect its minority shareholding in the respective projects,” a company spokesperson told CM.
The announcement came as Abu Dhabi’s Crown Prince conducts a state visit to China. The two countries also agreed to launch an equally-funded US$10bn strategic investment fund as well as several other significant deals.
In its 2014 annual report, DP World said it intended to “exploit the long-term trends in the global economy, such as faster growth in emerging markets and ongoing globalisation.” China’s growth has since slowed but is still forecast to be over 7% in 2015.
DP World currently has minority stakes in three Chinese terminals: 29% in Qingdao Qianwan Container Terminals, 24.5% in Tianjin Orient Container Terminals and 12.5% in Yantai International Container Terminals.
DP world has announced that 1.9billion USD will be invested in two Chinese port projects.
