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Wed 19 Oct 2016 11:26 AM

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DP World signs ports agreement with Ukraine

Deal signifies operator’s intent to develop logistics capabilities in region

DP World signs ports agreement with Ukraine

DP World has signed a memorandum of understanding (MoU) with the government of Ukraine to develop ports and logistics capabilities in the country, it said on Wednesday.

The UAE-based ports operator also submitted a letter of intent to Ukraine’s government to develop tug and pilot boat services at Odessa Port on the Black Sea.

DP World group chairman and CEO Sultan Ahmed Bin Sulayem signed the MoU with Ukrainian infrastructure minister Volodymyr Omelyan during a recent visit to Ukraine.

Bin Sulayem said that Ukraine’s favourable location on the Black Sea made it an attractive prospect for foreign investment and potential driver of logistics growth in the region.

DP World already has its Constanta terminal in Romania, and has previously expressed interest in developing ports and logistics capabilities between Russia, China and Europe.

Bin Sulayem said: “We see major growth potential for trade on the Black Sea, backed by our Constanta terminal, helping to connect Far Eastern and regional markets with Europe and the rest of the world.”

Trade between Dubai and Ukraine amounted to more than AED1 billion ($272 million) in 2015, with the majority being imports to Dubai, followed by exports and re-exports, DP World noted. Total trade in the first half of 2016 has already crossed AED500 million ($136 million).

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