Global port operator DP World has signed agreements with the government of Senegal to develop a deep-water port at Ndayane worth a total of $1.127 billion, its biggest investment in Africa to date, the company said on Wednesday.
For all the latest headlines follow our Google News channel online or via the app
DP World Dakar, a joint venture between the Dubai-based logistics provider and the Port Authority of Dakar (PAD), will finance, design and develop land and maritime infrastructure for the new 600-hectare (1483 acres) port about 50 km from the existing port.
The agreement to build the port was reached after talks between President Mack Sall and DP World Chairman Sultan bin Sulayem and is in addition to existing plans for DP World to develop and operate a 300-hectare container terminal in the Port of Dakar.
Read more: DP World, Canada pension fund to invest $4.5 billion in global ports, terminals
DP World will invest $837 million in the first phase of the Port of Ndayane and is expected to spend $290 million on a planned second phase.
“The development of the new port at Ndayane will provide a strong engine of growth for the next phase of the Plan Senegal Emergent,” said Aboubacar Sedikh Beye, director general of PAD, referring to Sall’s Emerging Senegal Plan by its name in French.
DP World said the first phase would include 840 meters of quay and a 5 km marine channel designed to handle 366-meter vessels, with a second phase adding 410 meters of container quay and further dredging to handle 400-meter vessels.
It said that would allow the conversion of the Port of Dakar into a mixed use residential and commercial waterfront and cruise terminal.
The company also said it was planning to develop a special economic zone next to the Port of Ndayane, which is about 20 km from the Blaise Diagne international airport.
Dubai is ready to store COVID-19 vaccine, expand trade with Israel, says DP WorldDubai's ports are ready to store the COVID-19 vaccine, said the chariman of United Arab Emirates logistics company DP World on Sunday.DP World CEO ... Economy
Dubai's DP World, Israel's Shipyards sign for joint privatization of Haifa PortIsrael Shipyards Industries has submitted a joint bid with Dubai’s DP World in a tender to privatize Israel’s Haifa Port, the company said on Thursday ... Middle East
DP World chairman says company set for ‘relatively stable financial performance’International port operator DP World is on track to report a “relatively stable financial performance” this year after the recording a 3.1 percent ... Economy
UAE’s DP World, Israel’s Leumi partner on regional tradeIsrael’s Bank Leumi and Dubai’s DP World said on Monday they had agreed to partner in boosting trade between Israel and the rest of the Middle ... Economy
Dubai’s DP World to bid for Haifa Port in partnership with Israeli firmDubai’s DP World said on Wednesday it is partnering with an Israeli group to bid for one of Israel’s two main ports and possibly open a direct ... Economy
DP World, Canada pension fund to invest $4.5 billion in global ports, terminalsInternational port operator DP World reached a deal on Thursday with one of Canada’s biggest pension-fund managers to pour an additional $4.5 billion ... Economy