Dubai: Dubai's port operator DP World said Monday it has signed an agreement with the Algerian government to take over operations in the ports of Algiers and Djen-Djen, and committed 108 million dollars to develop the two facilities.
The 50-50 shareholding joint venture with the authorities of the two ports will give DP World a 30 year concession at each facility, which will be run by the Dubai operator, it said in a statement.
"DP World has committed to an initial investment of 84 million euros (108 million dollars) over three to four years," said the world's fourth-largest container port operator.
It will redevelop the main container terminal at Algiers to expand capacity to around 800,000 teu, with investments including new cranes, equipment and training, it said.
Algiers port has a current capacity of around 500,000 teu.
Expanding the new Djen-Djen port in eastern Algeria will take place "according to market demand," DP World said, pointing out the facility has the potential to handle mega-vessels and become a major trans-shipment hub for the region. [11/11/08]
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