Port operator DP World opened a new extension to its Jebel Ali port in Dubai on Wednesday, adding one million TEUs (20ft-equivalent units) of capacity.
DP World, the world's third-largest port operator, said the extension of Terminal 2 at its home port increases total capacity to 15 million TEUs, adding that it can now handle six mega ships simultaneously.
The company, which did not give an indication of the extension's construction cost, has been selling non-core assets globally as it seeks to redeploy funds in fast-growing markets.
It plans further expansion at Jebel Ali, with an $850 million project to build a new Terminal 3 expected to add four million TEUs of capacity by 2014.
Shares of DP World on Nasdaq Dubai are up 31.6 percent so far this year.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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