Dubai’s DP World eyes Panama Canal opportunities

Dubai ports operator DP World is exploring opportunities relating to the expanded Panama Canal, the company has confirmed.

In a release, DP World said that its chairman and CEO, Sultan Ahmed Bin Sulayem, met with Panama President Juan Carlos Varela to discuss potential logistics and industrial parks and other projects in the country.

Panama’s minister of commerce and industry, Augusto R. Arosemena, will also begin a visit to Dubai on Sunday to see Jebel Ali port and discuss “potential opportunities”, the firm said.

The $5.25bn Panama Canal expansion opened in June 2016 after more than a decade of construction and will potentially double cargo volumes.

“The expanded Panama Canal has boosted capability to handle increased cargo and larger vessels so the development of logistics and locations for business to take advantage of its increased capabilities are important for the government there,” Sulayem said.

“Our international experience of developing and connecting marine and inland terminals with logistics centres, industrial parks and freezones is something we are exporting around the world and our discussions focused on how we could contribute to the development of the economy and support the business community.”

DP world’s other operations in Latin America include logistics centres in the Dominican Republic and Peru and a 50-year concession for the under construction deepwater port at Posorja in Ecuador.

Earlier this week, Sulayem said the company expected growth in emerging markets including the region.

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DP World currently operates 77 marine and inland terminals across the world.

Trade between Dubai and Panama totalled Dhs77m ($20.9m) last year, according to the firm.