Dubai Ports World Plans Major North American Investment

by Mike Godfrey, Tax-News.com, Washington

17 August 2006

Dubai's state-owned port operator DP World is to continue its global expansion with a major new investment in the Canadian port of Vancouver.

The Chairman of Dubai World, Sultan Bin Sulayem, has met senior representatives of the Government of Vancouver, Canada, to discuss plans for the expansion of DP World’s premier P&O terminal on the North American continent.

He has also held talks with David Emerson, the Minister of International Trade and the Pacific Gateway, and with John Van Dongen, Minister of State for Inter-Governmental Relations.

When the expansion work on the P&O terminal is completed by September this year, the facility will be 40% larger than it is now. Existing facilities include logistics and warehousing.

DP World said it has been offered all necessary support to ensure the success of the scheme, and the Canadian authorities have invited Bin Sulayem to inaugurate the new facility in September.

Mr Bin Sulayem also met Frank Borowicz, Chairman of the Vancouver Board of Trade and World Trade Centre during his visit to the Canadian Pacific coast city.

Last month, DP World announced a multi-billion dollar investment programme, with the aim of increasing container traffic through its existing global network of ports by 40% over the next three to four years. The company is expected to spend between US$2 billion and US$3 billion on expanding existing port facilities through projects such as the building of new berths and cranes.

Recommended