DP WORLD TO RUN ADEN TERMINAL
DUBAI-based global marine terminal operator DP World and the Yemen Gulf of Aden Port Corporation have agreed a joint venture that will see DP World operating and developing the container handling facilities in the port of Aden. The mover follows operation of the terminals by various companies including Singapore-based PSA which pulled out in 2005.
The agreement includes the lease of both Aden Container Terminal and of nearby Ma"alla Container Terminal, and a commitment by the joint venture to invest around US$220m in further developing the port, including building a new 400 metre berth extension to Aden Container Terminal within five years from handover, which is expected by the end of this year. Capacity at Aden port is currently around 700,000 TEU (twenty foot equivalent container units) and is expected to grow to around 1.5 million TEU by 2012. The joint venture plans to further expand capacity as dictated by market demand as part of the second phase development rights.
DP World Chairman Sultan Ahmed Bin Sulayem said: ?We are very pleased to partner with Yemen and to be able to contribute our international experience and expertise to developing the potential of this important facility. The port is strategically located to capture significant growing regional transshipment volumes. In addition, Aden is a key domestic cargo gateway for Yemen, and has been experiencing average annual growth in domestic throughput of around 18% over the past seven years. We believe Yemen will benefit significantly from efficient port and logistics infrastructure and we look forward to working with our new partners into the future.?