DUBAI, 11 February 2007 — UAE-based Dubai Ports World, one of the largest marine terminal operators in the world, has won approval from Chinese authorities to build a container terminal in eastern Chinese city of Qingdao. DP World will invest $435 million into the project. DP World has 51 terminals spanning 24 countries and five continents, with a global capacity of more than 50 million TEUs.
China’s State Development and Reform Commission has also asked the company to build two 100,000-ton and two 30,000-ton berths with a designed annual throughput of 2.2 million twenty-foot equivalent units (TEUs), accounting for about one third of current container handling capacity of Qingdao port. It is one of the biggest foreign-funded project in Qingdao in recent years.
Construction will begin soon and the terminal is expected to be put into operation between 2008 and 2009.
Meanwhile, Dubai World Vice-Chairman and Group CEO of Port & FreeZone World (P&F World) Jamal Majid Bin Thaniah recently met a high-level delegation from Tunisia and discussed the potential for joint investments.
