By Staff writer
Dubai-based port operator reportedly planning investment in freezone project
Dubai-based port operator DP World is planning to invest $1bn in the development of the "Khorgos-Eastern Gates" freezone and Aktau Port in Kazakhstan, a visiting Kazakh official told Zawya.
During the visit, key members of the Kazakh delegation, led by deputy prime minister Aset Isekeshev, and the Kazakh railway monopoly Kazakhstan Temir Zholy signed an agreement with DP World to cooperate in the management of the seaport and social economic zone.
The official told Zawya on condition of anonymity that DP World will use its experience running the Jebel Ali port and free zone to make Khorgos-Eastern Gates "the largest logistics centre of Eurasia".
According to industry estimates, a project of this size would need investment of $1bn. DP World said last month that it plans to invest $3bn in capital expenditure over 2013 and 2014.
Kazakhstan is seeking to invest in roads, rail, ports, oil, and other sectors as it seeks to develop its economy. The UAE has already committed to investing more than $2bn in the country.For all the latest banking and finance 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.