Dubai’s DP World inks $1.2bn agreement to build port and logistics park in Indonesia’s Gresik
Dubai port operator DP World has partnered with Caisse de dépôt et placement du Québec (CDPQ) investment group to sign a $1.2bn agreement with Indonesia’s Maspion Group to construct an international container port and industrial logistics park in Gresik in Indonesia.
Work on the projects is scheduled to begin in Q3 2020, and
it is upon completion expected to enhance East Java’s position as a key trading
gateway for Indonesia.
A joint venture company called DP World Maspion East Java
will be established between DP World, CDPQ and Maspion Group, the first of its
kind in the Indonesian transportation sector involving a foreign direct
investor and a private sector Indonesian company.
DP World Maspion East Java will become the sole operator of
the international container port with design capacity of up to three million
twenty-foot equivalent units (TEU).
DP World and CDPQ will also work with Maspion Group to
develop an integrated industrial and logistics park, adjacent to the container
terminal, with an initial land area of 110 hectares.
Commercial operations from the new container terminal are
expected to begin in 2023, and will accelerate the country’s Indonesia Golden
Generation 2045 strategy.
“DP World’s business model and vision are aligned with
President Jokowi’s vision to spur faster economic growth through trade
infrastructure development, more investment opportunities, and job creation,”
said Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World.
Since its launch four years ago, the $8.2bn DP World-CDPQ
platform has invested in 10 port terminals globally and across various stages
of the asset life cycle.
Speaking about the latest project in Indonesia, Emmanuel
Jaclot, executive vice president and head of Infrastructure at CDPQ said: “It
represents an important milestone for our joint platform with DP World with the
addition of a first greenfield port to our portfolio of high-quality assets
that have demonstrated their resilience over the past year despite important
shifts in the global supply chain landscape.”
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