DP World to go ahead with London Gateway
Dubai, January 4, 2010
Port operator DP World said it will go ahead with the foundation stage of its postponed London Gateway project despite the market downturn.
London Gateway is a planned 1.5 billion pound ($2.42 billion) deep-sea container port incorporating Europe's largest logistics park, located on the north bank of the river Thames, about 25 miles from central London.
The unit of debt-laden state-owned holding company Dubai World said it had decided to proceed with the construction of essential infrastructure for the planned port and logistics park.
'DP World will continue to review the development of the port and park operations in line with market demand,' it said in a statement.
The company, which is not part of its parent's restructuring plans, on Monday bought further development land and Royal Dutch Shell's remaining interest in the project for 136 million pounds ($219 million), it added.-Reuters