The Dubai-headquartered global terminal operator has signed a MoU with the privately owned Summa Group which will also focus on the development and implementation of freight delivery and port processing technologies.
The advancement of the Asia-Pacific Economic Cooperation (APEC) and Russian Far East transportation corridors, including free ports Vladivostok and Zarubino, also form part of the contract.
DP World already operates DP World Russia, a joint venture company that targets marine, dry ports and logistics infrastructure in the country while the Summa agreement comes after DP World seized an 80% stake in a $2bn joint venture with the Russian Direct Investment Fund (RDIF) in January. Signed on the sidelines of the World Economic Forum in Davos, the RDIF agreement targets ports, transportation and logistics infrastructure opportunities.
“We are always on the lookout for opportunities to collaborate with industry peers,” DP World group chairman and ceo Sultan Ahmed Bin Sulayem said.
“I am pleased to have entered discussions with the Summa Group on potential areas of collaboration as Russia has always been an attractive origin and destination market for us with huge long term growth prospects.”
The Summa Group is a diversified private holding with significant investments in the port logistics, engineering, construction, telecommunications, and in the oil and gas sectors.
Sulayem said both parties would leverage their international experience in port management, including the operation of free ports. DP World operates a network of 77 marine and inland terminals across six continents.
Summa Group chairman Ziya Magomedov said the partnership with DP World to develop free trade zones in “Russia, CIS and beyond” was a natural fit.
“The Summa Group is heavily focused on transport and logistics along main trade corridors and the partnership with DP World will only enhance such presence, traction and reach,” Magomedov said.
“I am confident that together we will also implement and deploy such high-tech solutions that will help transform these trade corridors and the transport and logistics arena as a whole.”
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