Saturday , October 20 2018

New sister port pact to enhance UAE-US trade

SHARJAH/ WAM

Gulftainer hosted the signing of a sister port agreement between the Department of Seaports & Customs of the Government of Sharjah and the Diamond State Port Corporation (DSPC), a corporate entity of the State of Delaware, USA.
Under the terms of the partnership, the two entities are mandated to cooperate in the development of international trade and logistics, exchange information, and build mutually beneficial commercial, technological and cultural synergies. The agreement also enables private companies within the catchment area of the respective port authorities to collaborate on trade and
investment prospects.
The signing took place following the official handover of the Delaware-based Port of Wilmington from the Diamond State Port Corporation to Gulftainer to operate and develop the port over a 50-year concession period.
Gulftainer plans to invest $580 million in developing the cargo terminal capabilities of the Port of Wilmington to enhance its overall productivity. The company’s remit includes the construction of a new 1.2 million TEU container facility worth approximately $410 million at DuPont’s former Edgemoor site that Diamond State Port Corporation acquired in 2016.
This landmark deal represents the largest investment ever by a private UAE company in the USA.

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