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Abu Dhabi Ports, DP World ink $3.5bn Khalifa JV

By Vivian Salama

Monday, 31 May 2010 2:47 PM

LUCRATIVE: Construction of Khalifa Port will cost about $3.5bn, all of which will be funded by the government of Abu Dhabi.

LUCRATIVE: Construction of Khalifa Port will cost about $3.5bn, all of which will be funded by the government of Abu Dhabi.

Abu Dhabi Ports, master developer of ports and industrial zones in the Gulf Arab emirate, and DP World have teamed up to create a joint venture to operate Khalifa Port at Taweelah.

“There will be a new company called Emirates Ports Company, a new ownership between Abu Dhabi and Dubai,” Tawfeeq al Mubarak, acting chief executive officer of Abu Dhabi Ports said in an interview in Shanghai today. “It is very important to adopt one port strategy.”

Construction of Khalifa Port will cost about AED13bn ($3.5bn), al Mubarak said, all of which will be funded by the government of Abu Dhabi, an oil exporter. (Bloomberg)

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