DP World to Develop Russian Ports
Dubai-based port operator DP World and the Russian Direct Investment Fund have launched a joint venture to develop ports, transportation and logistics infrastructure in Russia.
Signed on the sidelines of the World Economic Forum in Davos, Switzerland, the deal will give DP World an 80 percent stake in the new company, while the Russian government-backed fund will hold the remainder, news agency WAM reported.
The company will be called DP World Russia and over time could invest $2 billion to upgrade port infrastructure in different parts of Russia.
“Russia has always been an attractive market with great prospects for long-term development. A joint venture would allow DP World and RDIF to utilize their expertise in working together for the economic good of the country,” said DP World chairman Sultan Ahmed Bin Sulayem.
DP World is one of the world's largest seaport operators. It is backed by Dubai's government and operates the Mideast's busiest port in the Gulf commercial hub.
The head of the Russian Direct Investment Fund Kirill Dmitriev hopes this establishes a beneficial partnership between Russia and the UAE. “DP World will be the ideal partner for the development of the port industry in Russia,” added Dmitriev.
DP World has three ports in China - Qingdao, Tianjin and Yantai - according to its website.