The UAE announced a public holiday for both government and private sector employees on January 1, 2025
uae9 hours ago
Dubai-owned ports giant DP World will invest around $510 million to build a new container terminal at the Kandla port in the Indian state of Gujarat, its group chairman said on Friday.
"It will enable the delivery of trade opportunities by connecting northern, western and central India with global markets," Sultan Ahmed Bin Sulayem, who is also DP World's CEO, said after the signing of an agreement between the Deendayal Port Authority and DP World officials.
The Indian government earlier this year approved a plan by Hindustan Infralog Private Limited, a joint venture between DP World and the state-owned National Investment and Infrastructure Fund, to develop the terminal on a Build-Operate-Transfer (BOT) basis.
DP world, which operates in 73 countries, last week reported a nearly 10% fall in first-half profit to $651 million despite a 13.9% year-on-year rise in revenue to more than $9 billion.
The new terminal, which should be completed by early 2027, will boost container traffic in India and reduce the cost of logistics, company officials said.
DP World operates five container terminals in India — two in Mumbai and one each in Mundra, Cochin and Chennai – with a combined capacity of about 6 million twenty foot equivalent units (TEUs), giving it a market share of 28% of container traffic volume in the country.
The new terminal will take the combined capacity to 8.19 million TEUs, a company statement said.
DP World’s Indian port and terminal investments are aligned with the country's Vision 2047, which aims to quadruple port handling capacity and develop logistics infrastructure to boost economic growth, the statement said.
ALSO READ:
The UAE announced a public holiday for both government and private sector employees on January 1, 2025
uae9 hours ago
'With the right initiatives, the ministry has the potential to transform the way families function and flourish in the UAE,' said one expert
uae9 hours ago
Organisers in the country have issued a warning about purchasing from unauthorised resellers
uae9 hours ago
Sharjah International Book Fair, one of the events held in the Centre, recorded a turnout of 1.82 million visitors
uae16 hours ago
The Young Arab Leaders initiative is considered the largest specialised network aimed at supporting promising Arab youth
uae21 hours ago
A drive through the Emirates will see rising sand dunes give way to lush, green trees; a place where all kinds of nature thrives
uae21 hours ago
The two leaders also discussed ways to enhance cooperation to serve shared interests and advance development and prosperity in both countries
uae22 hours ago
This is the first time a representative from the Middle East and African region has held a leadership position in the ICAO Aerodrome Design and Operations Panel working groups
uae23 hours ago