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DP World says no Russian investments yet despite JV deal

Dubai port operator committed to deal with the Russian Direct Investment Fund signed two years ago
DP World chairman Sultan Ahmed bin Sulayem.
DP World chairman Sultan Ahmed bin Sulayem.

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While DP World is seeking opportunities in Russia through a joint venture with the Russian Direct Investment Fund (RDIF), no deal has yet been reached, the company said in a statement on Wednesday.

DP World said in a statement that, despite media reports speculating about possible investments, “no transaction has been agreed at this time.”

DP World chairman Sultan Ahmed bin Sulayem and RDIF CEO Kirill Dmitriev signed a document outlining the joint venture in 2016, which saw DP World own an 80 percent of shares, with RDIF holding the remaining 20 percent.

DP World Russia was set up to target marine, dry ports, and logistics infrastructure across the country, and is expected to potentially invest $2 to upgrade Russian port facilities.

“Russia has always been an attractive origin and destination market for us with huge long term growth prospects,” Bin Sulayem said at the time. “This joint venture allows DP World and RDIF to build on each other’s strengths in bringing economic prosperity to Russia.”

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