Dubai: Dubai-based multinational logistics company DP World has signed multiple MoUs worth $3 billion with the Indian state of Gujarat to develop new ports, terminals, and economic zones. The MoUs will strengthen the UAE's commitment to support trade in a growing Indian state, DP World has said.
The pact was signed in the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of UAE and Narendra Modi, Prime Minister of India. DP World Group Chairman and CEO Sultan Ahmed bin Sulayem and M K Das, Additional Chief Secretary, Government of Gujarat, were present. The signing occurred during the ongoing Vibrant Gujarat Global Summit 2024 in Gandhinagar.
DP World will help develop multi-purpose deep-draft ports in South Gujarat and around the western coast of Gujarat towards Kutch and develop Special Economic Zones (SEZs) in Jamnagar and Kutch. The company will also develop the Gati Shakti Cargo Terminals (GCT) and Private Freight Stations at Dahej, Vadodara, Rajkot, Bedi and Morbi.
DP World has also signed a MoU with the Gujarat Maritime Board to jointly identify opportunities to develop additional ports along the coast of Gujarat, the company announced on Wednesday.
Sultan Ahmed bin Sulayem, Chairman and CEO of DP World Group, said, "We are very committed to India, where we have been operating for nearly 20 years. In that time, we invested almost $2.5 billion, and we will invest more in these projects in the next three years."
"We have also been present in Gujarat since 2003 and are proud to have been part of the state's growth story," Sulayem added.
The biennial summit, which this year is focused on wooing funds for chip and electric vehicle manufacturing, has drawn thousands of business leaders, investors and diplomats to the three-day event. On Wednesday, carmaker Maruti Suzuki pledged to invest $4.2 billion to build a second car plant in Gujarat state and a new production line at an existing plant.
Ahead of the summit, Gujarat signed initial investment agreements with 58 companies worth a combined $86 billion. Dutch and Singapore firms are also set to commit to more than $7 billion in spending at the event.
DP World's projects in Gujarat
DP World's existing investments in the West Indian state include a container terminal in Mundra, along with rail-connected private freight terminals at Ahmedabad and Hazira. This is complemented by cold storage facilities in Surat and Bharuch, freight forwarding offices in Ahmedabad and Gandhidham, and express cargo services across the state, the company explained.
Additionally, DP World ensures global connectivity for businesses in the region by running weekly coastal services via DP World's Unifeeder Group, linking Mundra, Kandla, and Hazira ports to several international ports.
In August 2023, DP World signed a $510 million concession agreement with the Deendayal Port Authority to develop, operate and maintain a new 2.19 million TEU per year mega-container terminal at Tuna-Tekra in Kandla. On commencement, this Greenfield terminal will have state-of-the-art equipment and a 1,100 m berth capable of handling next-generation vessels carrying more than 18,000 TEUs.
