By Gavin Davids
New JV company will establish fund to acquire port and logistic assets in Russia.
UAE based Gulftainer, a ports and logistics group, announce on Saturday that it had signed a major joint venture agreement with Prominvest, the financial and investment arm of the Russian state corporation, Russian Technologies.
The new joint venture company, Gulftainer Russian Technologies, will pursue investments and management opportunities in the complete logistics chain within the Russian federation and the rest of the Commonwealth of Independent States (CIS), including strategic port assets and related infrastructure.
The company also plans to establish a $500 million fund to acquire port and logistic assets in Russia and the region, some of which have already been identified.
Peter Richards, managing director, Gulftainer, said: “The investment potential in Russia and the CIS is huge in ports, related infrastructure and logistics."
He added: "We are very confident that aligning our two organisations’ proven track records and know how will prove successful in meeting Russia’s need for enhanced logistics operations, assisting Russian exporters and importers access to world markets.”
Gulftainer is a subsidiary of the Crescent group of companies and the largest private port and logistics operator in the Middle East.
I assume DAMAC understands that the Olympics in 2014 means that they will have to finish before 2014? On their track record this is laughable.