DP World gets government nod for London terminal

London: Dubai port operator DP World has been given the green light from the UK Government for the company's London Gateway development on the River Thames at Essex.

The initiative will see the regeneration of the 1,500 acre former oil refinery site at Shell Haven, creating a world class UK infrastructure asset and delivering approximately 14,000 new jobs.

Commenting on the news, Sultan Ahmed Bin Sulayem, Chairman DP World, said: 'This is important news and we are very pleased with the UK Government's decision. DP World is planning to invest approximately £1.5bn to develop London Gateway over a 10 to 15 year timeframe. This is the single biggest investment project for DP World. It represents our long-term commitment to bringing benefits and value to our customers and to the UK economy.'

London Gateway will combine a major deep-water port capable of handling the biggest container ships at superior levels of efficiency and meet the UK Government's identified need for increased deep-sea port capacity.

Mohammed Sharaf, CEO DP World, said: 'London Gateway is one of the most significant infrastructure development programmes in the UK. It will play a major role in supporting international trade and deliver a substantial contribution to the UK economy. We will now be analysing the Government's decision letters in more detail, so that we can press ahead and work towards construction. DP World is a global leader in developing facilities of this size and scale and we believe our experience will be a major contributing factor to the success of London Gateway. We are looking forward to delivering the benefits to our customers, to UK businesses, and to the local community as swiftly as possible.'

Construction is planned to begin later this year, with DP World aiming to have first occupiers on the park within 12-18 months, with the port operational from 2010. The development will be a major catalyst for delivering jobs, new homes and new opportunities in this identified growth region, thereby contributing significantly to the UK Government's Thames Gateway regeneration programme. [31/05/07]

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