DP World to spend US$2.5 billion on UK port
Global ports operator DP World has announced it is preparing to spend US$2.5 billion on Britain’s first deepwater port, the Khaleej Times reports.
The world’s fourth-largest port operator is dredging about 106 million cubic feet to accommodate the world’s biggest ships at London Gateway, about 25 miles (40 kilometres) east of the capital.
If completed as planned, London Gateway would expand the UK’s capacity for ultra-large container ships and become Europe’s sixth biggest port, based on 2009 rankings, the newspaper reports.
“We’re still on track,” DP World CEO Mohammed Sharaf said on Tuesday when asked about London Gateway on a conference call.
The decision to boldly invest significant amounts of capital comes at a time when the US is struggling to reach a decision to raise their debt ceiling and fears over the European debt crisis extending to Cyprus.
In the past month, the ports operator has invested in South America acquiring a controlling interest in both Integra Port Services (‘IPS’), the Company holding a concession for a container and break-bulk terminal within Nieuwe Haven Port, Paramaribo; and in Suriname Port Services (‘SPS’), the company that owns a private break-bulk facility upstream from Paramaribo. It has also announced an upgrade of Al Hamriya Port in Dubai.