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