Dubai operator DP World announced that it has officially taken over container-handling operations at the Port of Aden, completing the deal announced in July.
The company will operate and further develop container-handling facilities in the port in a joint venture with the Yemen Gulf of Aden Port Corp., which also includes prominent Saudi Arabian company House of Invention International.
The agreement includes the lease of both Aden Container Terminal and of nearby Ma’alla Container Terminal, and a commitment by the joint venture to invest around $220 million in further developing the port. This includes building a new 1,384-foot berth extension to Aden Container Terminal within five years.
Capacity at Aden, which is currently around 700,000 TEUs, is expected to grow to around 1.5 million TEUs by 2012. The joint venture plans to further expand capacity as dictated by market demand as part of the second phase development rights.
Aden takes DP World’s global network to 46 marine terminals in 26 countries.
The Journal of Commerce Online
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