Financial details were not disclosed. Under the terms of the deal, Brazil’s Coimex Group will reduce its stake but will remain involved with the project.
The deal marks Dubai state-run DP World’s entry into the Brazilian market. The company’s existing South American operations include ports in Argentina and Venezuela.
The first phase of the Embraport project, located in the city of Santos, is expected to cost $500 million and open in 2012. It is being designed primarily to ship cargo containers and ethanol.
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The project also features, at a height of 263 metres, the highest solar energy tower on the planet