Feb 15, 2016: Global trade enabler DP World has announced that it seeks opportunities in India worth over $1 billion over the next few years.
The Group has already invested capital of $1.2 billion and is currently the only foreign operator with six port concessions in the country with approximately 30 percent market share. The investments could cover: expansion in brownfield container terminals, long term greenfield container concessions, Inland Container Depots (ICDs) and expansion of existing inter-modal rail services for rolling stock.
Sheikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and deputy supreme commander of the Armed Forces of the United Arab Emirates (UAE), said, “The UAE and India enjoy historic bilateral relations and these potential investments reinforce our confidence in the long term growth of the Indian economy and our desire to actively contribute to the economic development of this friendly nation. DP World has established a leading position in the Indian market and is a pioneer in the development of container terminals. It has the biggest portfolio along the Indian coast and is looking to enhance its presence there, transferring the UAE’s experience of infrastructure development in line with our plans to enhance the strategic relations between our countries and to take them to a higher level.”
Dubai’s non-oil foreign trade with India has seen a striking 144 percent growth from 2004 to 2014. By the end of 2014, trade between the two countries amounted to AED 109.34 billion, compared to AED 44.87 billion in 2004. India was Dubai’s second largest trading partner in 2015, with bilateral trade of AED 73.86 billion during the first nine months of 2015, comprising imports of AED 41.73 billion; exports of AED 14.54 billion and re-exports of AED 17.59 billion.
In Mumbai, Sheikh Mohammad Bin Zayed Al Nahyan and Sultan Ahmed Bin Sulayem, Group chairman and CEO, DP World, also inaugurated the new 330-metre berth at Nhava Sheva (India) Gateway Terminal (NSIGT), at India’s premier gateway port, Jawaharlal Nehru Port (JNPT).
Sultan Ahmed Bin Sulayem, said, “Being one of the strongest emerging economies in the world, India offers immense potential for growth in the maritime sector. With Nhava Sheva (India) Gateway Terminal, the new 330-metre berth, DP World will contribute even more to India’s growth offering our customers the ability to grow and expand their business.”
The announcement was made during a visit to New Delhi and Mumbai by Sheikh Mohammed Bin Zayed Al Nahyan and Sultan Ahmed Bin Sulayem. The visit followed a two-day official trip by Indian Prime Minister, Narendra Modi to the UAE last August.