NEWS

GULFTAINER BE­COMES THE LARGEST EVER OP­ER­A­TION BY A UAE COM­PANY IN THE UNITED STATES

CEO Middle East - - CONTENTS -

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

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