DP World to build $1bn port in Ecuador

Dubai’s DP World will build a $1bn port development in Ecuador after winning a 50-year concession for the multi-purpose project.

The new development will be at Posorja, about 65km from the country’s main business city of Guayaquil, with construction expected to start within six to nine months and taking 24 months to complete. Work will be conducted with DP World’s local partners, Consorcio Nobis and Grupo Vilaseca

A bourse statement by the ports operator on Tuesday stated that an initial investment of $500m will “include the purchase of land, dredging of a new access channel, a 20km access road and a 400 metre berth equipped to handle containers and other cargo.

DP World’s group chairman and chief executive officer, Sultan Ahmed bin Sulayem, said: “We are delighted to extend our South American footprint with a major investment in Ecuador. The additional value it will bring to the economy is compelling, increasing competitiveness through the provision of modern container terminal services in central Ecuador.

“Posorja will contribute to our continued growth in the developing markets of South America in the years ahead. This investment builds on our existing network in the region, with terminals in Argentina, Brazil, Peru and Suriname.

“We look forward to bringing DP World’s world class productivity-enhancing, security, safety and environmental best practices in container terminal development and operation to Ecuador.”