DP WORLD EYES PORTS ON RUSSIA’S EMERGING ARCTIC SEA ROUTE

Dubai-based ports operator DP World hopes to run ports that Russia plans to build along an Arctic sea route intended to shorten shipping times between east and west, according to CEO Sultan Ahmed bin Sulayem.

The Russian Direct Investment Fund (RDIF), Russian state nuclear firm Rosatom and nickel and palladium producer Nornickel signed an agreement to jointly pursue the development of the northern sea route (NSR).

“This is going to change the [economic] growth for Russia,” bin Sulayem said in an interview with Reuters in St. Petersburg. “Russia is creating the fastest route between the North Far East and Europe.”