DP World, Dubai-based largest port operator has announced a partnership with the UK’s development finance institution and impact investor CDC Group (CDC) to create a $1.7 billion investment platform for Africa.
The platform will cover a long-term investment period to which DP World is planning to contribute its stakes in three existing ports initially and expects to invest a further $1 billion through the platform over the next several years while CDC is committing approximately $320 million initially and expects to invest up to a further $400 million over the next several years.
The platform will invest in origin and destination ports, inland container depots, economic zones and other logistics across Africa to increase trade, create new job opportunities and broaden access to essential goods.
Sultan bin Sulayem Chairman & CEO DP World Group
“We are excited to announce a partnership with CDC Group that will enable increased investment in ports and logistics infrastructure across Africa, driving efficiency and trade growth. The partnership will create transformational opportunities for tens of millions of people over the next decade. In CDC, we have found a partner with whom we share the common goal to invest in the long term and help build responsible and sustainable infrastructure in Africa, which is key to unlocking the trade potential of the continent.”
The investment platform will initially be seeded with minority stakes in existing DP World assets with significant capacity expansion plans, including Dakar in Senegal, Sokhna in Egypt and Berbera in Somaliland. Trade enabled through these ongoing expansions is expected to create an additional 138,000 employment opportunities in the wider economy. By 2035, the ports are expected to support stable employment for around 5 million people indirectly.
Mr. Nick O’Donohoe, CEO of CDC said, “We are proud to support DP World to do even more in Africa, charting a stronger course for African trade around the world.”
The latest transaction is aligned with DP World’s strategy of partnering with organizations that offer complementary expertise and have a common vision for enabling trade and driving economic and social development.
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
