Global trade enabler DP World has announced that it seeks opportunities in India worth over $1 billion over the next few years.
The Group has already invested $1.2 billion and is currently the only foreign operator with six port concessions in India with approximately 30% market share.
The announcement was made during a visit to New Delhi and Mumbai by His Highness Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces of the United Arab Emirates (UAE), and Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World.
The visit follows a two-day official trip by Indian Prime Minister Narendra Modi to the UAE last August.
Historic bilateral relations
Shaikh Mohammed Bin Zayed Al Nahyan, said: “The UAE and India enjoy historic bilateral relations and these potential investments reinforce our confidence in the long term growth of the Indian economy and our desire to actively contribute to the economic development of this friendly nation.
“DP World has established a leading position in the Indian market and is a pioneer in the development of container terminals.”
“It has the biggest portfolio along the Indian coast and is looking to enhance its presence there, transferring the UAE’s experience of infrastructure development in line with our plans to enhance the strategic relations between our countries and to take them to a higher level,” he added.
Sheikh Mohamed inaugurates new berth at JNPT
In Mumbai, Sheikh Mohammed Bin Zayed Al Nahyan and Sultan Ahmed Bin Sulayem also inaugurated the new 330-metre berth at Nhava Sheva (India) Gateway Terminal (NSIGT), at India’s premier gateway port, Jawaharlal Nehru Port (JNPT).
Bin Sulayem, said: “We are reinforcing our commitment to enabling India’s growth and economic development through our operations in the country, where we have invested over US$1 billion in the past supporting over 30% of India’s container trade.
“Being one of the strongest emerging economies in the world, India offers immense potential for growth in the maritime sector. With Nhava Sheva (India) Gateway Terminal, the new 330-metre berth, DP World will contribute even more to India’s growth offering our customers the ability to grow and expand their business.”
144 percent growth in trade
Dubai’s non-oil foreign trade with India has seen a striking 144 per cent growth from 2004 to 2014.
By the end of 2014, trade between the two countries amounted to Dh109.34 billion, compared to Dh44.87 billion in 2004.
India was Dubai’s second-largest trading partner in 2015, with bilateral trade of Dh73.86 billion during the first nine months of 2015 – comprising imports of Dh41.73 billion; exports of Dh14.54 billion and re-exports of Dh17.59 billion.
– Published on 13 February 2016