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Wed 5 Sep 2007 01:32 AM

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Dubai in Vietnam harbour deal

Dubai World is to develop a major harbour city and port project in Ho Chi Minh City.

Dubai World announced yesterday it is to develop a major harbour city and port project in Vietnam’s Ho Chi Minh City.

Chairman Sultan Ahmed Bin Sulayem, on a visit to Vietnam to discuss bilateral relations, signed an MOU between the Vietnamese state-owned Tan Thuan Industrial Promotion Company and three Dubai World subsidiaries.

IPC is already a partner in a joint venture with DP World to develop the $230 million Saigon Premier Container Terminal (SPCT) at Ho Chi Minh City.

Marine terminal company DP World, free zone and industrial park developer Jafza International and real estate developer Limitless will work on the new project at Hiep Phuoc Harbour City.

The project consists of a harbour city mixed-use development covering 1,600 hectares and a 1000 hectare industrial park alongside the new port facilities. An additional terminal may be constructed over time.

Sultan Ahmed Bin Sulayem said the project “will bring great benefits not only for Ho Chi Minh City but also for the whole South Focus Economic Area. We look forward to working with IPC to explore the potential for this significant development and, in time, investing in its construction."

The MOU allows Dubai World to conduct research and feasibility studies in order to agree a development plan for the entire area. IPC and Dubai World will form joint task forces to undertake the work.

Dubai’s ruler on Monday called for the UAE and Vietnam to develop greater bilateral economic relations during a two-day visit to the Southeast Asian country.

Bilateral trade between the two countries has risen in recent years from $67 million in 2002 to $250 million in 2006. Vietnam’s exports to the UAE in 2006 were worth $50 million, a small proportion of the UAE’s $80 billion total imports.

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