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DP World to Invest $850 million to Expand Capacity and Create 1000 Jobs

Middle East : 05 December 2011

Source: Gulf News

DP World, the world’s third biggest container terminal operator, announced a $850 million investment to increase its capacity at the Jebel Ali port by 4 million twenty-feet-equivalent units (TEUs).

This will result in total capacity at Jebel Ali reaching 19 million TEU by 2014, reinforcing its position as the biggest trans-shipment hub in the Middle East.

“DP World will be investing around $850 million over three years adapting 1,860 metres of quayside and 70 hectares of yard from an existing general cargo berth into a new container terminal within the existing container port. The investment will be financed from existing cash resources and cashflow,” a statement said.

The new terminal, which will operate with the largest, most efficient quay cranes and have a draft of 17 metres, will be able to handle the world’s largest container vessels planned for the future.

Sultan Ahmad Bin Sulayem, Chairman, DP World said: “Further investing in Jebel Ali, building a new container terminal as well as expanding the existing terminal, as we announced recently, will support the continued growth of Dubai and the UAE and enhance the country’s status as the trade centre of the Middle East. Over the past 40 years, our facilities have contributed significantly to the development of Dubai, the UAE and the wider region through the provision of efficient supply chain services. We remain steadfastly committed to continuing to meet the needs of the region’s markets.”

In October 2011, DP World announced record container volumes in the UAE region for 2011, with growth of 11 per cent so far this year and over a million TEU per month being handled in the port. The development of this new capacity at Jebel Ali will ensure we continue to meet the growth in demand from our customers who look to DP World to provide a first class service right across the portfolio.

Mohammad Sharaf, Chief Executive commented: “The UAE has seen remarkable growth this year and the terminal is currently operating at very high levels of utilisation reflecting its strong position as a hub for the fast growing regions of the Middle East, Indian subcontinent and Africa.

With GDP forecasts reflecting a continuation of growth across the region and container shipping lines ordering larger vessels, this expansion will ensure our customers will have the additional capacity required and a continuation of the high levels of efficiency they have come to expect from DP World.”

DP World operates more than 60 terminals across six continents(1), with container handling generating around 80% of its revenue. In addition, the company currently has 10 new developments and major expansions underway in 10 countries.

Mohammad Al Muallem, Senior Vice President and Managing Director, DP World, UAE region said: “We have listened to our customers, who have told us that Jebel Ali continues to be both a gateway for cargo and a vital hub for facilitating trade growth throughout the region, and needs to be able to handle the new generation of mega vessels. In response, we are creating new container handling capacity to meet those needs, offering the efficient and cost effective services our customers have come to rely on. In doing so, we are also creating around 1000 jobs directly at the new terminal.”

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