UAE’s Gulftainer to operate U.S. port of Wilmington

0
45
UAE's Gulftainer to operate U.S. port of WilmingtonUAE’s Gulftainer to operate U.S. port of Wilmington

ABU DHABI (Reuters) – Gulftainer, the UAE-based port operator, on Wednesday said won a 50-year concession to operate and develop the Wilmington port in Delaware, USA, with a $600 million investment.

Privately-owned Gulftainer currently operates the Canaveral Cargo Terminal in the Port of Canaveral, Florida and provides services to the U.S. armed forces and the U.S. space industry.

The Delaware concession agreement completes a preliminary agreement between Gulftainer and the State of Delaware, as well as the completion of a formal review by the Committee on Foreign Investment in the (CFIUS), granting Gulftainer exclusive rights to manage the port.

Gulftainer plans to invest up to $600 million in the port, including $400 million on a new 1.2 million TEU (twenty-foot equivalent units) container facility at DuPont’s former Edgemoor site, which was acquired by the Diamond State Port Corporation in 2016.

Article continues below Advertisement...

“Since Gulftainer’s entry into the U.S. through our operations in Port Canaveral in 2015, we have discovered major untapped potential in this sector and we will continue to look for attractive investment opportunities in the region,” Gulftainer Chairman Badr Jafr said in a statement.

Plans for the port also include development of all cargo terminal capabilities and training facilities for up to 1,000 people a year at the site for the ports and logistics industries.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, ) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the , it is one of the riskiest investment forms possible.

Source: Investing.com