UAE-based port operator Gulftainer plans to invest more than
$275m, to develop and operate a port near the Russian city of St Petersburg,
the company said Sunday.
The deal will see the Gulftainer, the Middle East’s largest
privately-owned port operator, expand Ust-Luga Port to challenge larger rival
St Petersburg, as trade in the Baltic Sea grows.
Badr Jafar, vice chairman of Gulftainer, said the port was
well-placed to play a key role in driving Russia’s economic growth.
“The Baltic Western region will play a vital role, handling
as it does around 60 percent of Russian container volumes,” he said in an
Gulftainer last September signed a joint venture agreement
the financial and investment arm of the state corporation, Russian Technologies,
to pursue investment and management opportunities.
The company, Gulftainer Russian Technologies, also said
it would establish a $500m fund to acquire port and logistic assets in Russia
and the region.
Gulftainer is a subsidiary of the Sharjah-based Crescent
group of companies and the largest private port and logistics operator in the
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