Dubai’s DP World Signs Deal To Develop Ports, Logistics Industry In Maldives

Dubai-based ports operator DP World has signed a memorandum of understanding (MoU) with the Maldives government to develop the island nation’s ports and logistics industry.

The agreement was signed in Dubai and is a result of “several meetings” over the last few months between DP World and the Maldives government, a statement said.

These include discussions between DP World Chairman Sultan Ahmed Bin Sulayem and the President of the Maldives, Abdulla Yameen Abdul Gayoom, in July and September 2014.

Bin Sulayem said: “The Maldives has been growing rapidly, driven largely by its tourism development. We are working with them to help diversify the economy through building infrastructure, logistics and transport links needed to make this happen.

“The UAE has much experience and expertise in this area. We are proud to share our expertise with the Maldives as they develop their capabilities in the global supply chain industry.”

Dubai’s DP World, one of the world’s largest port operators, has been expanding around the world, and invested $807 million across its portfolio in 2014, adding two million twenty-foot equivalent units (TEU).

Announcing its financial results earlier this month, the company said it expects to have approximately 85 million TEU of gross global capacity by the end of 2015 and over 100 million TEU of gross capacity by 2020, depending on market demand.

The company posted an 11.8 per cent rise in 2014 net profit, with revenues also up 11 per cent to reach $3.41 billion last year.