DP World in Yemen port deal

PORT DEAL: Dubai World has formed a joint venture with the Yemen Gulf of Aden Port Corporation. (Getty Images)

Dubai’s state-controlled ports operator, Dubai World, has formed a joint venture with the Yemen Gulf of Aden Port Corporation.

It will see DP World operating and developing the container handling facilities in the port of Aden, the port operator said in a statement carried by state news agency WAM on Sunday.

The agreement includes the lease of both Aden Container Terminal and of nearby Ma’alla Container Terminal, and a commitment by the joint venture to invest around $220 million in further developing the port.

The expansion will include building a new 400 berth extension to Aden Container Terminal within five years from handover, which is expected by the end of this year.

Currently, capacity at Aden port is approximately 700,000 TEU (twenty foot equivalent container units) and is expected to grow to around 1.5 million TEU by 2012.

“The port is strategically located to capture significant growing regional transshipment volumes. Aden is a key domestic cargo gateway for Yemen, and has been experiencing average annual growth in domestic throughput of around 18% over the past seven years,” DP World chairman Sultan Ahmed Bin Sulayem said.

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