DP World invests $32 million in Mozambique port

DP World invests $32 million in Mozambique port Dubai Ports World has invested more than $32 million to become a partner in a company that manages the Port of Maputo in Mozambique.
   DP World has purchased 48.5 percent of Portus Indico ' Sociedade de Servicos Portuarios, which has a 51 percent interest in the Maputo Port Development Co. (MPDC) that holds the concession for the Port of Maputo until 2018, with an option to extend to 2028.
   Portus Indico separately also holds the agreement for the management of MPDC. The government of Mozambique holds the remaining 49 percent share interest in MPDC. The other shareholders in Portus Indico are Grindrod International Ltd. (48.5 percent) and Mozambique Gestores, SARL (3 percent).
   DP World already holds the concession to operate Maputo’s 100,000-TEU capacity container terminal, and is a 60 percent shareholder in container terminal operating firm Maputo International Port Services (MIPS) with the Mozambique Ports and Railways Co. holding the remaining 40 percent.
   'Maputo is one of the main corridors for the Southern African hinterland,” said DP World Chief Executive Officer Mohammed Sharaf. “We plan to invest further in container handling facilities there but we also believe there is potential to grow commodity traffic as well, and with our expertise in general cargo, bulk and break bulk handling we believe we can contribute significantly to fast tracking the growth in this cargo sector through Maputo.”