DP World is the world’s fourth largest port operator, and is based in Dubai. The company has won a 30-year concession for the development of the Port of Banana, located along Congo’s Atlantic coast. The company earlier announced plans to expand across Africa, and has recently made agreements made with Egypt, Ethiopia, and Somaliland.
The US$1bn project will see DP World manage and develop the port in a joint venture with the Democratic Republic of Congo’s government. The venture will see the UAE-company owning a 70% stake in the project, with the government owning the remaining 30%. The construction of the project is anticipated to start this year and be operational within two years.
The Port of Banana project could also be subject to a 20-year extension. It will have “a major impact on the country’s trade with significant cost and time savings, attracting more direct calls from larger vessels from Asia and Europe, and ultimately acting as a catalyst for the growth of the country and the region’s economy,” stated CEO and Group Chairman of DP World, Sultan Ahmed bin Sulayem.
Photo source: Bananaportpapers.info