By Staff writer
P&O Ports says it has started preliminary talks with governments of Madagascar, Somaliland and Albania
Dubai has announced the establishment of a new company to develop and operate medium-sized ports around the world as it looks to build on the reputation built by DP World.
Ports, Customs and Free Zone Corporation (PCFC) said P&O Ports will specialise in developing and operating marine and inland ports in markets with a need for well-managed trade and logistics infrastructure.
The new company has signed agreements to enter into preliminary discussions with the governments of Madagascar, the Port of Berbera in the Republic of Somaliland and Albania to enhance their port infrastructure, a statement said.
Wholly owned by the Government of Dubai as a subsidiary of PCFC, P&O Ports is designed to support sustainable development in emerging economies.
Sultan Ahmed Bin Sulayem, chairman of PCFC, said: "The new company's name, P&O Ports, reflects a rich marine heritage. We have the drive and ambition to take our company and this prestigious brand to new heights, identifying the next wave of opportunities for the development and operation of mixed cargo ports worldwide, particularly in emerging economies."
He added: "The launch of P&O Ports complements Dubai's global investments in the port industry and diversifies its operations to include maritime terminals of all sizes."
He said Dubai would continue to "reinforce its global presence as a world-class leader in the operation of large and medium ports through DP World" which has a portfolio of more than 65 marine terminals across six continents.
Bin Sulayem said: "The wide expertise we have gained in port development and management is a good reason for us to move forward to strengthen our position as a global leader in this sector."
Arif Obaid Al Dehail, CEO of Trakhees - a division under the PCFC, has been appointed as chairman of P&O Ports, with Hassan Hadi, formerly SVP Research and Development at DP World, as CEO.