DP World Ltd. (DPW), Dubai’s state- controlled port operator would fund the prestigious London Gateway deep- sea port for 20 years. An additional amount worth billion dollars will be invested over the project in next three years by the company using an equal mix of debt and equity according to information availed from its website.
The upcoming project at Diamond Harbour, South-24 Parganas, could set off its long-pending facility at Kulpi as stated by Anil Singh, senior vice-president and managing director of the Dubai-based company in the Indian subcontinent.
Singh has said that he don’t know if they will bid for it but both will complement each other but it’s the time to find out who will finish first in the race.
The whole management of Abu Dhabi’s Mina Zayed port operations will be transferred to Abu Dhabi Terminals. DP World Ltd. will do this in January.
The Dubai-based company assumed that it didn’t reach a binding accord to manage the new Khalifa Port.
Today the Dubai government-controlled company said in a statement to Nasdaq Dubai that the Ebitda contribution from the management agreement is not material because a five-year contract to manage marine terminal businesses at Mina Zayed finishes.
On Wednesday Dubai ports operator DP World alleged that it has agreed to sell 75 percent of its stake in DP World Australia.
It has estimated 1.5 billion US dollars for its stake. This is done as its debt-laden parent firm vies so as to trim down its liabilities.
DP World which is the port management arm of Dubai World has decided that it will reduce stakes in its Australian businesses. Dubai World is currently facing huge debts and by selling stakes it plans to raise close to $1.5 billion.
The shares are going to be sold off to Citi investment fund. Besides getting it money, the unloading of stake in the sea cargo handler is also going to make the company's debt position stronger.
Hit by decline in cargo traffic, the adjusted full-year profit of the Dubai government-controlled ports operator DP World declined 46 per cent. However, the firm is eying on getting benefit from improving market conditions to achieve recovery in 2010.
DP World, a Dubai-based Company, controlled by debt-laden Dubai World reported decline in its full year net profit as it handled 8 per cent fewer containers in 2009.
Its throughput declined 6 per cent at its core terminals in Dubai. The company is the first container terminal operator to announce throughput figures for 2009 since the invention of container shipping in 1956.