Shanghai: Dubai Ports World has won approval for the next phase in its dramatic port development drive in China. According to China's official Xinhua News Agency, DP World will invest about $450m in the new container terminal at Qingdao (pictured), which is due to open for business by 2009. The port facility, in Shandong province, will have five berths and capacity to handle some 2.2m twenty-foot containers (TEU) a year, according to a statement from the National Development and Reform Commission.
DP World, one of the world's largest port operators, is in the process of a dramatic global expansion programme which will give the UAE company far wider reach than any of its principal competitors which include APM Terminals, Hutchison Ports of Hong Kong and Singapore's Port of Singapore Authority. Senior executives have been quoted recently, pointing out that as well as obvious regions where port developments are urgently required such as China and India, other parts of the world are also opening up. Eastern Europe, Africa and South America will all require additional port capacity, company executives believe. The ports group is also believed to be keen to buy into the half share of Hamburg's HHLA which is currently up for sale. [12/02/07]
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