In Banana, located in the Democratic Republic of Congo (DRC), DP World is expected to strengthen its African presence as it begins to develop the port in the DRC heartland.
Amending previous agreements between Dubai’s port conglomerate and the government of the Democratic Republic of the Congo, DP world has agreed to begin work on the project. Banana, located in Congo Central province, will be hosting the deep seaport by Dubai Ports (DP) World.
DP World, which specializes in port terminal operations, will be receiving a 70% stake of the port, with the remaining 30% going to the DRC government- which is set to serve as the joint venture partner of DP World. The estimated project cost is nearly $1 billion and the investment is to be shared for two years.
With regards to the testimony, the constructional timeframe for the making of Banana Port is foreseen to be two years. This would entice direct calls from large Asian and European vessel lines, resulting in substantial cost and time savings. DRC’s West African Coast stretches for 37-km along the Atlantic Ocean. The Banana port will be DRC’s first deep seaport in the Atlantic as well.
Guylain Nyembo Mbwizya (Head of state’s chief of staff) and Suhail Al Banna (CEO and MD, DP World’s Middle East and Africa region) endorsed a term sheet in Kinshasa. This came in as a review by the parties of the existing contractual document clauses negotiated earlier, when DP World was awarded a 30-year concession to construct and run the Banana Port in March 2018.
“The signing of the term sheet is a key milestone in the partnership between DP World and the Government of the DRC, in moving forward with the project and the firm desire of DP World to be part of the President’s vision,” commented Suhail Al Banna.
DP World was formed in 2005 when two Emirati companies, Dubai Ports Authority and Dubai Ports International merged. Currently, the company handles over 70 million containers, brought in by over 70,000 vessels in all its ports managed worldwide every year.
Source: Maritime- News