DP World, Cyprus ink agreements

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DP World, Cyprus ink agreements
DP World group chairman and CEO Sultan Ahmed bin Sulayem during the signing of the agreement.

Dubai - Cyprus now the ninth country where DP World invests and operates within Europe

By Staff Report

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Published: Mon 25 Apr 2016, 8:36 PM

Last updated: Mon 25 Apr 2016, 11:30 PM

DP World and the government of Cyprus on Monday entered into two separate concession agreements for the commercialisation of activities within Cyprus' Limassol port.
DP World Limassol has been awarded a 25-year concession for the exclusive right to operate the multipurpose terminal. Simultaneously, P&O Maritime Cyprus - a wholly-owned subsidiary of DP World Limited - has also been awarded a 15-year concession to exclusively provide a full range of port marine services.
Both concessions will be awarded to a joint venture between DP World and G.A.P. Vassilopoulos Public , a logistics and services company, listed on the Cyprus Stock Exchange. DP World shall hold 75 per cent of the share capital of each joint venture, as well as the management rights.
Sultan Ahmed bin Sulayem, group chairman and CEO of DP World, said: "Having met President [Nicos] Anastasiades last month, I expressed my delight that DP World, P&O Maritime Services and our local partner G.A.P Vassilopoulos have successfully secured two long-term concessions in Cyprus, which is now the ninth country where DP World invests and operates within Europe. We believe in the long-term prospects of Cyprus and the potential for DP World, as a facilitator of trade, to maximise the potential of Limassol port. These new concessions demonstrate DP World's ability to offer a range of port and maritime services, complementing our vision to be global leaders in world trade."
A transition phase will follow during which the current Cyprus Port Authority will continue to operate the port whilst DP World and P&O Maritime Services undertakes activities required to effect a smooth transition. The takeover date of both concessions is currently envisaged to be 29 January 2017.
Dubai's trade with Cyprus reached Dh325 million in 2014. Trade in the first nine months of 2015 reached Dh261 million.
- business@khaleejtimes.com

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