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Tue 21 Jun 2011 03:21 PM

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DP World to upgrade Al Hamriya Port in Dubai

Dubai-backed ports operator says 18-24 month plan aimed at meeting increased demand

DP World to upgrade Al Hamriya Port in Dubai
Dubai ports, Dubai logistics

State-backed ports operator DP World said Tuesday it had
begun an upgrade of its Al Hamriya Port in Dubai, in a plan that will extend
over a period of 18 to 24 months.

The plan will include extending the wharfs to take larger
feeder vessels, expanding the port’s yard, upgrading the fishermen’s wharf and building
a hostel for workers, the company said in a statement.

The cost of the upgrade was not disclosed.

Dubai-based Al Hamriya facilitates non-containerised cargo
moments between Dubai and countries in the Gulf, South Asia and East Africa. It
also serves the local fishing industry.

DP World made its debut on the London Stock Exchange earlier
this month, after cross-listing 830 million ordinary shares to attract investors
after low trading volumes in its home market.

DP World posted a 35 percent rise in 2010 profit, helped by
increased trading volumes and cost-efficiencies.

Profit for the year was $450m up from $333m a year earlier.

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