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Dubai World To Invest In New London Port

by Robert Lee, Tax-News.com, London

17 November 2006


Dubai World Chairman Sultan Ahmed Bin Sulayem has confirmed plans to invest GBP1.5 billion (US$2.8 billion) in a major port infrastructure development project in the United Kingdom.

Bin Sulayem stated that the London Gateway project, to be executed by the group’s flagship company, DP World, will include a world-class port capable of handling the largest deep-sea container ships, as well as the UK’s largest business park.

The announcement was made during Bin Sulayem's recent visit to the London Gateway port and logistics business park site, located at Shell Haven oil refinery in Thurrock, on the Thames estuary.

“After visiting the London Gateway site, we have realized the vital significance of this project for the British economy as well as for DP World," Bin Sulayem explained.

"We are fully committed to this project and believe it will enhance the value we offer our customers due to its proximity to the UK’s largest consumer market as well a unique combination of facilities provided by the port and park together," he added.

The 1,500-acre site will include the construction of the UK’s largest multimodal business and logistics park, with DP World working in collaboration with Shell.

The London Gateway developments expect to generate over 14,000 new jobs, and will contribute significantly to the British Government’s wider Thames Gateway regeneration programme.

In addition, London Gateway will cater to the national need for additional deep-sea port capacity in the UK.

"London Gateway is an exciting project that is of global significance to maritime and logistics business and one that we are committed to seeing through to a successful completion," observed Mohammed Sharaf, CEO of DP World.

DP World’s proposals include a 2,300-meter long container quay with a fully developed capacity of 3.5 million TEU (standard container units) a year.

Other services designed to enhance customers’ supply chain efficiency include bringing together container and other terminals, free zones, logistics facilities, infrastructure developments and consultancy.


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