DP World on 18th January said it has signed a 20 year concession agreement with the Government of Angola to operate a multi-purpose terminal at the Port of Luanda.
The agreement was signed in Luanda by the chairman of Porto de Luanda, Mr Antonio Bengue and Sultan Ahmed bin Sulayem, group chairman and CEO of DP World.
The terminal will be the 1st seaport terminal located on the western coast of southern Africa to be operated and managed by the DP World and will further extend the company’s footprint in Africa as well.
Under this agreement, DP World said it will invest 190 million dollar over the 20 year period of the concession, with plans to rehabilitate the existing infrastructure and acquire new equipment to bring operations in line with global standards as part of a plan to increase the terminal’s annual throughput to approximately 700,000 TEUs per year.
Bin Sulayem said: “We are delighted to sign the concession agreement and forge a partnership with the Government of Angola. Our entry into Angola and planned investment in the terminal, as defined in the agreement, reflects our belief in the potential for further economic growth in the country.
“We look forward to playing our role in supporting the government to achieve its growth objectives through this growth sector by leveraging our expertise, not just as a port operator, but also as a global provider of end-to-end logistics solutions.”
The Port of Luanda is the largest port in the country which is located in a natural bay in the country’s capital. Its regional location, which makes it a mandatory stop on the sea routes along the west of the African continent, gives it the opportunity to benefit from trade flows into the surrounding region.