Latest news with #PortDevelopment
Gulf Business
2 days ago
- Business
- Gulf Business
DP World signs $800m deal to redevelop Syria's Port of Tartus
DP World has entered into a 30-year concession agreement with Syria's General Authority for Land and Sea Ports to develop and operate the Port of Tartus. The deal, structured as a Build-Operate-Transfer (BOT) model and fully owned by DP World, aims to modernise the port's infrastructure and reestablish Tartus as a vital trade hub connecting Southern Europe, the Middle East, and North Africa. Under the agreement, The agreement was signed in Damascus in the presence of His Excellency Ahmed Al-Sharaa, President of the Syrian Arab Republic, by Sultan Ahmed bin Sulayem, chairman and group CEO of DP World, and Qutaiba Ahmed Badawi, chairman of the General Authority for Land and Sea Ports. Sultan Ahmed bin Sulayem, chairman and group CEO of DP World, said: 'This agreement reflects our long-term commitment to enabling global trade and creating resilient supply chains. We see strong potential in Tartus to serve as a vital trade gateway and look forward to strengthening regional connectivity and economic opportunity through this investment. We believe in the power of trade to help drive long-term stability and prosperity for Syria and the region.' Qutaiba Ahmed Badawi, chairman of Syria's General Authority for Land and Sea Ports, added: 'This agreement marks an important step forward for the Port of Tartus and Syria's maritime sector. Partnering with DP World will allow us to modernise and strengthen the efficiency of our trade infrastructure as we continue to rebuild key trade lanes, support the national economy and provide more opportunities for the Syrian people. The agreement reflects our shared vision to transform Tartus into a strategic gateway linking Syria with regional and international markets and it will pave the way for sustainable growth for years to come.' Read: Trade routes Strategically located on Syria's Mediterranean coast, Tartus is the country's second-largest port and plays a critical role in connecting trade routes to Europe, the Levant, and North Africa. The redevelopment is expected to significantly boost Syria's trade potential, enabling the port to handle a wider variety of cargo including general cargo, containers, breakbulk, and roll-on/roll-off traffic. DP World also plans to explore opportunities for developing free zones, inland logistics hubs, and transit corridors in partnership with local stakeholders. These initiatives aim to support Syria's economic recovery and diversification efforts. With operations in more than 75 countries and over 9.2 per cent of global container traffic handled through its network, DP World brings more than 40 years of experience in global logistics development. The Tartus project builds on the company's growing portfolio and reinforces its presence in the Middle East.
Emirates 24/7
2 days ago
- Business
- Emirates 24/7
DP World to develop Syria's Tartus Port under landmark 30-year deal
DP World has signed a 30-year concession agreement with Syria's General Authority for Land and Sea Ports to develop and operate the Port of Tartus. As part of the agreement, DP World will invest $800 million over the duration of the concession to upgrade the port's infrastructure and position it as a critical regional trade hub connecting Southern Europe, the Middle East and North Africa. The agreement was signed in Damascus in the presence of His Excellency Ahmed Al-Sharaa, President of the Syrian Arab Republic, by Sultan Ahmed bin Sulayem, Chairman and Group CEO of DP World, and Qutaiba Ahmed Badawi, Chairman of General Authority for Land and Sea Ports. Following over a decade of conflict and long-standing underinvestment in trade infrastructure, the redevelopment of Tartus marks an important step in Syria's economic reintegration. Structured as a Build-Operate-Transfer (BOT) model and fully owned by DP World, the project will include new infrastructure, advanced cargo-handling equipment, and digital systems to improve efficiency across the port's container and general cargo terminals. Sultan Ahmed bin Sulayem, Chairman and Group CEO of DP World, said: 'This agreement reflects our long-term commitment to enabling global trade and creating resilient supply chains. We see strong potential in Tartus to serve as a vital trade gateway and look forward to strengthening regional connectivity and economic opportunity through this investment. We believe in the power of trade to help drive long-term stability and prosperity for Syria and the region.' Qutaiba Ahmed Badawi, Chairman of Syria's General Authority for Land and Sea Ports, said: "This agreement marks an important step forward for the Port of Tartus and Syria's maritime sector. Partnering with DP World will allow us to modernise and strengthen the efficiency of our trade infrastructure as we continue to rebuild key trade lanes, support the national economy and provide more opportunities for the Syrian people. The agreement reflects our shared vision to transform Tartus into a strategic gateway linking Syria with regional and international markets and it will pave the way for sustainable growth for years to come." Located on Syria's Mediterranean coast, Tartus is the country's second-largest port and a key maritime gateway to trade routes across Europe, the Levant and North Africa. Its strategic position enhances regional connectivity, complementing existing routes through the Bosporus and Suez. The redevelopment will enable Tartus to handle general cargo, containers, breakbulk, and roll-on/roll-off traffic, expanding Syria's trade potential as the country continues to rebuild. DP World will also explore opportunities to develop free zones, inland logistics hubs, and transit corridors in partnership with local stakeholders, supporting broader economic diversification and trade facilitation efforts. With a presence in over 75 countries and 9.2% of global container traffic flowing through its ports and terminals, DP World brings over four decades of experience in developing logistics infrastructure around the world. The Tartus project adds to its growing portfolio and complements existing operations in the Middle East.
Zawya
2 days ago
- Business
- Zawya
DP World to develop Syria's Tartus Port under landmark 30-year deal
DAMASCUS: DP World has signed a 30-year concession agreement with Syria's General Authority for Land and Sea Ports to develop and operate the Port of Tartus. As part of the agreement, DP World will invest $800 million over the duration of the concession to upgrade the port's infrastructure and position it as a critical regional trade hub connecting Southern Europe, the Middle East and North Africa. The agreement was signed in Damascus in the presence of Ahmed Al-Sharaa, President of the Syrian Arab Republic, by Sultan Ahmed bin Sulayem, Chairman and Group CEO of DP World, and Qutaiba Ahmed Badawi, Chairman of General Authority for Land and Sea Ports. Following over a decade of conflict and long-standing underinvestment in trade infrastructure, the redevelopment of Tartus marks an important step in Syria's economic reintegration. Structured as a Build-Operate-Transfer (BOT) model and fully owned by DP World, the project will include new infrastructure, advanced cargo-handling equipment, and digital systems to improve efficiency across the port's container and general cargo terminals. Sultan Ahmed bin Sulayem, Chairman and Group CEO of DP World, said, 'This agreement reflects our long-term commitment to enabling global trade and creating resilient supply chains. We see strong potential in Tartus to serve as a vital trade gateway and look forward to strengthening regional connectivity and economic opportunity through this investment. We believe in the power of trade to help drive long-term stability and prosperity for Syria and the region.' Qutaiba Ahmed Badawi, Chairman of Syria's General Authority for Land and Sea Ports, said, "This agreement marks an important step forward for the Port of Tartus and Syria's maritime sector. Partnering with DP World will allow us to modernise and strengthen the efficiency of our trade infrastructure as we continue to rebuild key trade lanes, support the national economy and provide more opportunities for the Syrian people. The agreement reflects our shared vision to transform Tartus into a strategic gateway linking Syria with regional and international markets, and it will pave the way for sustainable growth for years to come." Located on Syria's Mediterranean coast, Tartus is the country's second-largest port and a key maritime gateway to trade routes across Europe, the Levant and North Africa. Its strategic position enhances regional connectivity, complementing existing routes through the Bosporus and Suez. The redevelopment will enable Tartus to handle general cargo, containers, breakbulk, and roll-on/roll-off traffic, expanding Syria's trade potential as the country continues to rebuild. DP World will also explore opportunities to develop free zones, inland logistics hubs, and transit corridors in partnership with local stakeholders, supporting broader economic diversification and trade facilitation efforts. With a presence in over 75 countries and 9.2% of global container traffic flowing through its ports and terminals, DP World brings over four decades of experience in developing logistics infrastructure around the world. The Tartus project adds to its growing portfolio and complements existing operations in the Middle East.
Korea Herald
18-04-2025
- Business
- Korea Herald
APSEZ acquires 50 MTPA capacity NQXT Australia, accelerating path to 1 billion tonnes p.a. by 2030
NQXT is a highly efficient and cash generating asset that will consolidate APSEZ's presence along the East-West trade corridor, in line with its global expansion strategy Editor's synopsis AHMEDABAD, India, April 18, 2025 /PRNewswire/ -- The Board of Directors of Adani Ports and Special Economic Zone Ltd. (APSEZ), India's largest integrated Transport Utility company has approved the acquisition of Abbot Point Port Holdings Pte Ltd (APPH), Singapore from Carmichael Rail and Port Singapore Holdings Pte Ltd, Singapore (CRPSHPL). CRPSHPL is a related party. APPH holds the entities which own and operate the North Queensland Export Terminal, a dedicated export terminal with a current nameplate capacity of 50 million tonnes per annum (MTPA). The terminal is located at the Port of Abbot Point, approximately 25 km north of Bowen, in North Queensland on Australia's east coast. The transaction will be completed on a non-cash basis. APSEZ will issue 14.38 crore equity shares to CRPSHPL, in exchange for acquisition of 100% interest in APPH. This is based on enterprise value of NQXT of A$ 3,975 million. As part of the transaction, APSEZ will also assume other non-core assets and liabilities on APPH's balance sheet, which APSEZ will realize within a few months of the acquisition (zero net impact on the transaction valuation). APSEZ's leverage will remain at similar levels post the transaction. Speaking on the acquisition, Mr. Ashwani Gupta, Whole-time Director & CEO, APSEZ, said, NQXT's acquisition is a pivotal step in our international strategy, opening new export markets and securing long-term contracts with valued users. Strategically located on the East-West trade corridor, NQXT is poised for robust growth as a high-performing asset, driven by increased capacity, upcoming contract renewals in the medium term, and the potential for green hydrogen exports in the long term. We are targeting EBITDA growing to A$ 400 million within 4 years. I am proud to welcome NQXT to our 'Growth with Goodness' initiative, as it exemplifies our commitment to high standards in environmental, social, and governance practices." About NQXT NQXT, is a natural deep-water, multi-user export terminal with a nameplate capacity of 50 million tonnes per annum. NQXT is located in the Port of Abbot Point, approximately 25 km north of Bowen, in North Queensland on Australia's east coast. The Port of Abbot Point (within which NQXT is located) has been declared as a Strategic Port and a Priority Port Development Area by the Queensland Government 1. NQXT is under a long-term lease from the Queensland Government and is a critical infrastructure asset supporting Australia's significant resource industry. NQXT provides strategic access to currently eight major customers under long term "take or pay" contracts. NQXT's operations contributed A$ 10 billion to Queensland's Gross State Product and facilitated 8,000 jobs across mining and other industries 2. During FY25, NQXT had a contract capacity of 40MMT and handled all-time high cargo volume of 35MMT. The weighted average mine life the NQXT's current users is c. 60 years. Cargo from NQXT was exported to 15 countries including 88% to Asia and 10% Europe. NQXT posted FY25E A$ 349 million revenue and EBITDA of A$ 228 million (incremental EBITDA margin in excess of 90% for APSEZ, excluding pass-through O&M cost included in the revenue). ESG Since the commencement of operations in 1984, NQXT has been on a journey of continuous improvement and sustainability. With zero reportable environmental incidents during FY25, zero fatalities, and a lost time injury frequency rate of 1.7, operations at the terminal have delivered excellent safety standards. The business has been extensively involved in community development with 50% of FY25 operational spend with local and regional suppliers and A$ 2.4 million spent since 2017 on community initiatives in Bowen and Collinsville. Over 5% of the terminal's workforce identify as Aboriginal and Torres Strait Islander, higher than proportion of First Nations people in the Australian population. Transaction Advisors Cyril Amarchand Mangaldas acted as legal counsel for APSEZ. Ashurst acted as International legal counsel for APSEZ. GT Valuation Advisors Private Limited acted as the Registered Valuer and Grant Thornton Bharat LLP conducted desktop financial review. SBI Capital Markets Limited also acted as an independent valuer, including for RBI / FEMA compliances. The transaction is subject to requisite approvals, including from Reserve Bank of India (RBI), shareholders, Foreign Investment Review Board of Australia and is expected to close in two quarters. About APSEZ Adani Ports and Special Economic Zone Ltd (APSEZ), a part of the globally diversified Adani Group, has evolved from a port company to an Integrated Transport Utility providing end to-end solutions from its port gate to customer gate. It is the largest port developer and operator in India with 7 strategically located ports and terminals on the west coast (Mundra, Tuna Tekra & Berth 13 in Kandla, Dahej, and Hazira in Gujarat, Mormugao in Goa, Dighi in Maharashtra and Vizhinjam in Kerala) and 8 ports and terminals on the East coast (Haldia in West Bengal, Dhamra and Gopalpur in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu and Karaikal in Puducherry), representing 27% of the country's total port volumes, thus providing capabilities to handle vast amounts of cargo from both coastal areas and the hinterland. The company is also developing a transshipment port at Colombo, Sri Lanka and operates the Haifa Port in Israel and Container Terminal 2 at Dar Es Salaam Port, Tanzania. The Ports to Logistics Platform comprising port facilities, integrated logistics capabilities, including multimodal logistics parks, Grade A warehouses, and industrial economic zones, puts it in an advantageous position as India stands to benefit from an impending overhaul in global supply chains. The company's vision is to be the largest ports and logistics platform in the world in the next decade.
