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Abu Dhabi Terminals to manage Mina Zayed port

DP World will hand over the management of Abu Dhabi’s Mina Zayed port operations to Abu Dhabi Terminals in January and the company said it didn’t reach a binding accord to manage the new Khalifa Port.

“The Ebitda contribution from the management agreement is not material” as a five-year contract to manage marine terminal operations at Mina Zayed ends, the company said in a statement to Nasdaq Dubai today. Ebitda is earnings before interest, taxes, depreciation and amortization.

Abu Dhabi is building the Khalifa Port and Industrial Zone to add to its existing Mina Zayed facility as part of a plan to diversify its economy from oil. The new port, located between Abu Dhabi and Dubai, will be spread over 400 square kilometers and begin operations in the fourth quarter of 2012.

“We have worked closely with Abu Dhabi Terminals and Abu Dhabi Ports Co. over many years and we will continue to work closely with them into the future,” Mohammed Al Muallem, DP World’s managing director for the UAE region, said in an e-mailed statement.

Dubai’s Jebel Ali Port is the biggest in the Middle East. The Khalifa Port will have an initial capacity to handle 2 million 20-foot containers, rising to 15 million when all phases are completed by 2030, Abu Dhabi Ports said in June.