Sharjah’s Gulftainer to expand portfolio in Africa, Americas
dubai — Sharjah-based global port operator Gulftainer is looking at expanding its portfolio in Americas, Africa and Far East and will close another acquisition in Americas next year, its group CEO said on Wednesday.
“We will be making another announcement about acquisition in 2019. We are very close to finalising a port agreement in Americas. I would love to see Gulftainer taking 2 acquisitions every year for the next 10 years. But realistically, if we can get one acquisition a year, it would put us in a good position,” said Peter Richards, group CEO of Gulftainer.
“In the next few years, we are not just increasing in North America but South America as well. We did Brazil venture but Brazil was then not going through good time. However, we will not forget Brazil and will look at it. We are talking to numerous entities in Europe also aim to go to Far East Asia as well. We believe Indian market is saturated but there are niche opportunities,” Richards said on the sidelines of a press conference organised for the signing of a sister port agreement between the Department of Seaports & Customs of Sharjah and the Diamond State Port Corporation (DSPC), a corporate entity of the State of Delaware, USA. Sheikh Khaled bin Abdullah bin Sultan Al Qasimi, Chairman, Department of Seaports & Customs, Sharjah Airport International Free Zone and Hamriyah Free Zone Authority, and Jeffrey Bullock, Secretary of State of Delaware, signed the agreement at the Sharjah Chamber of Commerce.
Gulftainer plans to invest $580 million in developing the cargo terminal capabilities of the Port of Wilmington to enhance its overall productivity.