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Sat 23 Jan 2016 01:08 AM

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Dubai's DP World inks $2bn deal to develop Russian ports

Agreement with Russian Direct Investment Fund to upgrade port infrastructure was signed at the World Economic Forum in Davos

Dubai's DP World inks $2bn deal to develop Russian ports

Dubai-based port operator DP World and the Russian Direct Investment Fund have launched a joint venture to develop ports, transportation and logistics infrastructure in Russia.

Signed on the sidelines of the World Economic Forum in Davos, Switzerland, the deal will give DP World an 80 percent stake in the new company, while the Russian government-backed fund will hold the remainder, news agency WAM reported.

The company will be called DP World Russia and could invest $2 billion to upgrade port infrastructure in different parts of Russia, it added.

Sultan Ahmed bin Sulayem, chairman of DP World, said Russia is an attractive market with a long term growth potential. "This joint venture is an exemplary strategic partnership model," he said in comments published by WAM.

He added that the Russian Investment Fund has record of successful investment partnerships with international companies, expressing his satisfaction about the DP World partnership with the Russian Fund.

Last month, DP World and other partners said they are investing $1.9 billion in China port terminals until 2020.

DP World has three ports in China - Qingdao, Tianjin and Yantai - according to its website.

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