DP World Signs Preliminary Agreements Worth $3 Billion with Gujarat State, India
DP World, a leading global ports operator, has inked preliminary agreements valued at 250 billion rupees (equivalent to $3 billion) with the Indian state of Gujarat.
The agreements, which were announced in a statement by the company on Wednesday, focus on the development of new ports, terminals, and economic zones, reinforcing DP World's dedication to fostering trade within Gujarat.
Sultan bin Sulayem, the Group Chairman and Chief Executive of DP World, finalized these significant agreements with MK Das, Gujarat’s Additional Chief Secretary.
The ceremony took place amidst esteemed dignitaries, including President Sheikh Mohamed and Indian Prime Minister Narendra Modi, at the ongoing Vibrant Gujarat Global Summit.
The outlined projects under these agreements involve the creation of multipurpose deep-draft ports in South Gujarat and extending along the state's western coastline towards Kutch.
Additionally, DP World will be instrumental in establishing special economic zones, cargo terminals, and private freight stations across various regions of Gujarat.
Collaboratively, DP World has also partnered with the Gujarat Maritime Board to explore and capitalize on further port development opportunities along Gujarat's coastline.
Mr. Sulayem expressed his confidence in the Indian market, stating, “The government's progressive policies combined with our longstanding experience here embolden us to expand our footprint in India.”
Having established its presence in Gujarat since 2003, the Dubai-based DP World has already channeled investments nearing $2.5 billion into the state.
Looking forward, the company has articulated its intentions to amplify its investment endeavors in Gujarat, targeting new projects over the forthcoming three years.
Alkesh Sharma / The National