The concession agreement to operate the port of Maputo, Mozambique, has been extended to 2033 for DP World with an option to extend for a further 10 years.
DP World holds the concession to operate the container terminal at the port, with DP World Maputo operating the terminal. Portos e Caminhos de Ferro de Mocambique (CFM), the Mozambique Ports and Railway Authority, holds a 40 per cent share of the operating company. The concession was originally due to expire in 2018.
DP World Chairman Sultan Ahmed bin Sulayem said: "Africa is a key focus of our business strategy for the long-term growth of DP World as we look to emerging markets to underpin the recovery of global trade. Efficient infrastructure both leads and drives economic sustainability. Mozambique has an exciting future and we are pleased to be part of it."
DP World's Chief Executive Mohammed Sharaf said his company is committed to investing in growing DP World Maputo capacity over time in line with market demand. "We have seen significant efficiency gains since we expanded our interest in the port in early 2008 and we look forward to being able to contribute even further to improve supply chain efficiency and support the expansion of Mozambique's economy," he added.
By Staff Writer
© Emirates Business 24/7 2010
