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DP World sets up JV to invest in ports, logistics infrastructure in Russia
DP world and the Russian Direct Investment Fund are establishing a new joint venture company, to be known as DP World Russia that will target marine, dry ports and logistics infrastructure in Russia.
Under the terms of the agreement signed by DP World chairman Sultan Ahmed Bin Sulayem and Russian Direct Investment Fund chief executive Kirill Dmitriev on the sidelines of the World Economic Forum in Davos, Switzerland, Dubai-based DP World will hold an 80 per cent stake in the joint venture and RDIF the remaining 20 per cent.
The joint venture would invest up to US$2 billion in upgrading Russian port facilities, while introducing international best practices in operations, a statement issued by DP World said.
"Russia has always been an attractive origin and destination market for us with huge long-term growth prospects," said Mr Bin Sulayem. "Ports and logistics infrastructure are long-term investments and this is why, when we invest, we prefer an approach that recognises the benefits of sharing resources for a common purpose."
Under the terms of the agreement signed by DP World chairman Sultan Ahmed Bin Sulayem and Russian Direct Investment Fund chief executive Kirill Dmitriev on the sidelines of the World Economic Forum in Davos, Switzerland, Dubai-based DP World will hold an 80 per cent stake in the joint venture and RDIF the remaining 20 per cent.
The joint venture would invest up to US$2 billion in upgrading Russian port facilities, while introducing international best practices in operations, a statement issued by DP World said.
"Russia has always been an attractive origin and destination market for us with huge long-term growth prospects," said Mr Bin Sulayem. "Ports and logistics infrastructure are long-term investments and this is why, when we invest, we prefer an approach that recognises the benefits of sharing resources for a common purpose."
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