Global trade enabler DP World and the Summa Group, a diversified business with significant infrastructure investments in Russia, have signed a Memorandum of Understanding (MoU) to explore investment opportunities in ports, special economic zones and inland logistics facilities in the Russian Federation.
According to the MOU, the parties have decided to enter into preliminary discussions to consider the potential of a relationship between them to develop investment opportunities in ports, special economic zones and inland logistics facilities in the far east of the Russian Federation, including in the ports of Vladivostok and Zarubino.
Moreover, “Summa” Group and DP World plan to share knowledge and expertise in the field of transport and logistics technologies, port assets administration including those in free economic zones.
The parties also plan to work together in order to help develop hi-tech methods of cargo and passengers delivery and handling at the port facilities. The MOU is valid for five years.
Chairman of the Board of “Summa” Group Ziyavudin Magomedov commented: “We welcome the partnership with DP World, the global leader in port infrastructure and management, to develop the free trade zones in Russia, CIS and beyond. As you know, the “Summa” Group is heavily focused on transport and logistics along main trade corridors and partnership with DP World will only enhance such presence, traction and reach."
Ziyavudin added: "Furthermore, I am confident that together we will also implement and deploy such high-tech solutions that will help transform these trade corridors and the transport and logistics arena as a whole”.
DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem said
: “We are always on the lookout for opportunities to collaborate with industry peers. This is one of the many ways in which we grow and develop our expertise, by sharing what lessons we’ve learnt in each of our sectors."
He said: "The Summa Group have been extensively involved in developing trade infrastructure
in Russia and elsewhere and we have done the same with a network of 77 operating marine and inland terminals across six continents and other international interests such as DP World Russia, a joint venture company that targets marine, dry ports and logistics infrastructure
in the country."
I am pleased to have entered discussions with the Summa Group on potential areas of collaboration as Russia has always been an attractive origin and destination market for us with huge long term growth prospects,” Ahmed Bin added.