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21 Jan, 2016 14:13

Dubai to invest $2bn in Russian ports

Dubai to invest $2bn in Russian ports

The Dubai-based marine operator DP World and the Russian Direct Investment Fund (RDIF) have agreed to a joint venture to develop Russian sea ports, transportation and logistics terminals. The deal was announced on the sidelines of the World Economic Forum in Davos.

DP World, one of the world's largest seaport operators, will invest $2 billion to upgrade port infrastructure throughout Russia. Under the agreement DP World will hold 80 percent in the new company while RDIF will hold the remainder.

“Russia has always been an attractive market with great prospects for long-term development. A joint venture would allow DP World and RDIF to utilize their expertise in working together for the economic good of the country,” said DP World chairman Sultan Ahmed Bin Sulayem.

DP World has invested in more than 65 marine terminals on six continents. The company is backed by Dubai's government and operates in the Gulf commercial hub.

The head of the Russian Direct Investment Fund Kirill Dmitriev hopes this establishes a beneficial partnership between Russia and the UAE.

“DP World will be the ideal partner for the development of the port industry in Russia,” added Dmitriev.