Dubai Ports World (DP World), the world's third largest container port operator, has signed a contract to manage and operate the Khalifa Port project in Abu Dhabi.
This cooperation agreement signed between DP World and the Abu Dhabi Ports Company (ADPC) also saw a contract for DP World's sister company Economic Zones World (EZW) to operate a 25 km² Free Trade and Logistics Zone in Taweelah, located halfway between Abu Dhabi and Dubai.
ADPC focuses on port and industrial zone projects with aims to create a sustainable growth platform that spurs economic expansion for Abu Dhabi by developing projects in conjunction with the private sector.
The accords were signed by the three companies on Thursday evening to mark the first anniversary of the Abu Dhabi terminals.
“Our track record and reputation as a world class operator of ports and economic zones has made us a clear choice for this joint venture,” said chairman of DP World Sultan Ahmed bin Sulayem.
“This is an important milestone in the drive to build the commercial relationship between the emirates of Abu Dhabi and Dubai and is focused on making the UAE home to the world's most prestigious ports and industrial zones,” he added.
According to a joint statement released this move serves as the official beginning to future joint ventures for the three companies involved.
DP World currently has a management services agreement for the port of Mina Zayed in Abu Dhabi and this latest involvement with the Khalifa Port project represents the next stage in its growing relationship with ADPC.
The Khalifa Port development includes a multi-purpose port able to handle up to two million twenty-foot equivalent units (TEUs) in its first phase, scheduled to be operational by end-2010.
This cooperation agreement signed between DP World and the Abu Dhabi Ports Company (ADPC) also saw a contract for DP World's sister company Economic Zones World (EZW) to operate a 25 km² Free Trade and Logistics Zone in Taweelah, located halfway between Abu Dhabi and Dubai.
ADPC focuses on port and industrial zone projects with aims to create a sustainable growth platform that spurs economic expansion for Abu Dhabi by developing projects in conjunction with the private sector.
The accords were signed by the three companies on Thursday evening to mark the first anniversary of the Abu Dhabi terminals.
“Our track record and reputation as a world class operator of ports and economic zones has made us a clear choice for this joint venture,” said chairman of DP World Sultan Ahmed bin Sulayem.
“This is an important milestone in the drive to build the commercial relationship between the emirates of Abu Dhabi and Dubai and is focused on making the UAE home to the world's most prestigious ports and industrial zones,” he added.
According to a joint statement released this move serves as the official beginning to future joint ventures for the three companies involved.
DP World currently has a management services agreement for the port of Mina Zayed in Abu Dhabi and this latest involvement with the Khalifa Port project represents the next stage in its growing relationship with ADPC.
The Khalifa Port development includes a multi-purpose port able to handle up to two million twenty-foot equivalent units (TEUs) in its first phase, scheduled to be operational by end-2010.