DP World to invest $1bn more in London port
London, October 4, 2011
Ports operator DP World will invest another $1 billion in the London Gateway project over the next three years, it said on Tuesday, adding the new port centre will be operational by the fourth quarter of 2013.
The world's largest port operator said the under-construction port will have an initial capacity of 1.6 million twenty-foot equivalent units (TEU).
The London Gateway, located about 25 miles from central London, is funded by the Dubai-based operator and is planned to be a 1.5-billion-pound deep-sea container port incorporating Europe's largest logistics park.
The port operator also awarded four port equipment contracts, which includes a partnership with Cargotec for port automation. Cargotec said separately that the project size is around 100-150 million euros.
DP World said the London Gateway project will create 1,000 new jobs -- 700 in construction jobs and 300 in the facility.
The operator, which completed its secondary limiting on the London Stock Exchange earlier this year, reported a four-fold increase in its first-half profits as it booked gains from the sale of its Australian port operations last year.
Sultan Ahmed bin Sulayem, chairman of DP World, said: “We are delighted to announce a definitive opening date for the new port, which is a unique infrastructure development for the UK. London Gateway will help UK businesses improve efficiency and competiveness. It will provide the UK with a premier, world class global trading centre.
“Our investment in London Gateway reflects our long term commitment to the UK and to our customers trading in this market.”
Mohammed Sharaf, chief executive of DP World, said: “London Gateway is a giant leap forward for the UK’s supply chains and will benefit our customers tremendously through more efficient transportation of goods; it will also support wider UK business and economic growth.
“London Gateway will provide the world class service that our customers have come to expect from DP World across the globe, using the most advanced equipment and technology. London Gateway’s location is unique, bringing the world’s largest ships directly to Europe’s largest logistics park, providing long-term value for our customers and UK business.”
Commenting upon today’s announcement Dr Vince Cable, Business Secretary, said: “The opening of London Gateway in just two years’ time will transform the UK’s maritime port infrastructure and play an important role in helping Britain’s economy grow in the coming years. It will help Britain to maintain its competitiveness, drive productivity, and crucially strengthen our links with Asia and beyond.
"The importance of this project cannot be overestimated. The announcement of these 1,000 new jobs today is a welcome boost to the UK.” - Reuters & TradeArabia News Service