GULFTAINER BECOMES THE LARGEST EVER OPERATION BY A UAE COMPANY IN THE UNITED STATES
GULFTAINER INKS $600M DEAL FOR US PORT
UAE-BASED INDEPENDENT PORT OPERATOR GULFTAINER has signed a 50-year, $600m concession to develop and operate the port of Wilmington in the US state of Delaware, the company has announced.
The ports deal signed by Gulftainer subsidiary GT USA marks the largest ever run by a UAE company in the US, as well as the largest investment ever made by a private UAE company in the country.
The 50-year concession follows a year of negotiations and an evaluation of Gulftainer’s capabilities worldwide. The Committee on Foreign Investment in the US grants Gulftainer exclusive rights to manage the port.
“This historic agreement will result in significant new investment in the port of Wilmington, which has long been one of Delaware’s most important industrial job centres,” said Delaware governor John Carney. “For decades, jobs at the port have helped stabilise Delaware families and the communities where they live.”
Of the $600m Gulftainer investment, $400m will be used on a new 1.2 million TEU container facility at DuPont’s former Edgemoor site, which was acquired by the Diamond State Port Corporation in 2016.
“We are proud to be making this long-term commitment to the state of Delaware, its community and its economy,” said Badr Jafr, the chairman of Gulftainer’s executive board. “We are confident that this public-private partnership will propel the port of Wilmington towards becoming the principal gateway of the Eastern seaboard.”
New gateway Plans for the port of Wilmington include the development of cargo terminal capabilities as well as the establishment of a training facility