Middle East?s biggest seaport is in expansion mode. The operator, DP World, plans to invest US$850 million over the coming years to create additional capacity at Jebel Ali port, thus taking the total capacity of the port to 19 million TEU by 2014. The existing port space will be converted into a new terminal that is designed to handle container ships that form the bulk of traffic at the port. However, the company warns of tough conditions ahead for its customers in the year 2012.
The investment will be financed from its existing cash resources. DP World has also been pursuing growth into Europe and has announced it would construct a new deep-sea container port in London, which would be operational by 2013. The company aims a growth of 7 per cent annually.
Sources: ShanghaiDaily.com, Business Intelligence