mana.ir

News ID: 64697 |
Publish Date: 14:28 - 26 April 2016

DP World come to Cyprus

DP WORLD has signed two separate concession agreements with the government of Cyprus.

DP World come to Cyprus  According to MANA The agreements will see the UAE-based ports and terminals operator take on a 25-year concession to operate a multipurpose terminal, and a 15-year concession to provide port services, including tugs and pilotage at Limassol.
Both will be awarded to a joint venture between DP World and GAP Vassilopoulos, a logistics company listed on the Cyprus Stock Exchange. DP World will hold a 75% stake in each joint venture, as well as the management rights.
The multipurpose terminal at Limassol handles break-bulk, general cargo, ro-ro and the operation of the passenger terminal. The service contract has been awarded to P&O Maritime Cyprus, a wholly owned subsidiary of DP World.
DP World chairman and chief executive Sultan Ahmed Bin Sulayem said he believed in the long-term prospects for Cyprus and DP World’s ability to maximise the port's potential.
The Cyprus Port Authority will continue to operate the port during a transition phase while DP World and P&O Maritime Services prepare to take it over. The takeover date of both concessions is expected to be January 2017.
Trade between Dubai and Cyprus reached Dirham325m ($88m) in 2014 and stood at Dirham261m in the first nine months of 2016.
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