DP World seeks to manage Pakistan port
The government of Pakistan has agreed to start negotiations with Dubai Ports World to operate the new port in Gwadar, according to the Emirates News Agency.
The Port of Gwadar is expected to open by the middle of the year after additional dredging is completed, it said.
The $4 billion development was made possible by hundreds of millions of dollars in investment from China. A key project is the construction of a major highway to link the port with Central Asian republics.
The port is modeled on the Port of Jebel Ali in Dubai, which doubles as a free trade zone. DP World manages the Jebel Ali port.
The news is further indication of the state-owned port management company’s aggressive expansion plans. Last year, DP World bought CSX World Terminals from the CSX railroad company in Jacksonville, Fla., for $1.1 billion.
The company operates 22 container terminals in 15 countries and would expand to 51 terminals in 30 countries when the deal with Peninsular and Oriental Steam Navigation Co. is consummated, possibly as early as today.