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Tue 15 Dec 2015 01:45 PM

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Dubai's DP World, partners set to invest $1.9bn in China

Dubai-based ports operator announces investment in China terminals in years up to 2020

Dubai's DP World, partners set to invest $1.9bn in China

Dubai ports operator DP World and other partners are investing $1.9 billion in China port terminals until 2020, the firm said, clarifying earlier remarks by the Crown Prince of Abu Dhabi on his Twitter account.

"The $1.9 billion investment in China is the total investment by all partners in China terminals including DP World for the years up to 2020 - DP World's share of the capex will reflect its minority shareholding in the respective projects," a company spokesperson said in a statement to Reuters.

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

The statement came after a Twitter post from the account of Sheikh Mohammed bin Zayed Al Nahayan said that DP World would invest $1.9 billion in China without any elaboration further.

Sheikh Mohammed is on a three-day official visit to Beijing, during which a host of business deals have been announced between the United Arab Emirates and China.

The deals included the two countries establishing a joint strategic investment fund worth $10 billion as China pursues its ambition to rebuild Silk Road trade routes.

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