Published: 29 January 2015 @ 02:36
DUBAI: Dubai has launched a ports operator focusing on medium-sized developments in emerging markets.
The Dubai Ports, Customs and Free Zone Corporation (PCFC) launched P&O Ports, which has already signed initial agreements to start talks with the authorities in Madagascar, the Port of Berbera in Somaliland and Albania to enhance their port infrastructure, said the PCFC chairman Sultan bin Sulayem.
“The new company, specialised in developing and operating marine and inland ports in markets with a need for well-managed trade and logistics infrastructure, is designed to support sustainable development in emerging economies,” PCFC said in a statement.
“These brownfield ports, predominantly handling general cargo and bulk commodities, are a source of great opportunity, but tend to be uneconomic for larger operators. P&O Ports, as a newly created, specialised company, provides the flexibility to compete more efficiently within this sector.”
Mr bin Sulayem also serves as the chairman of Dubai’s flagship port operator DP World, the world’s fourth-largest that has more than 65 marine terminals across six continents.
“We have the drive and ambition to take our company and this prestigious brand to new heights, identifying the next wave of opportunities for the development and operation of mixed cargo ports worldwide, particularly in emerging economies,” he said.
“The launch of P&O Ports complements Dubai’s global investments in the port industry and diversifies its operations to include maritime terminals of all sizes.”