DP World to go ahead with London project

Dubai-based port operator DP World will go ahead with the foundation stage of its postponed London Gateway project despite the market downturn, it said yesterday.

The unit of state-owned holding firm Dubai World said it had decided to proceed with the construction of essential infrastructure for the planned port and logistics park.

"DP World will continue to review the development of the port and park operations in line with market demand," it said in a statement.

The company bought further development land and Royal Dutch Shell's remaining interest in the project for £136 million ($804m), it added.

London Gateway is a planned £1.5 billion deep-sea container port incorporating Europe's largest logistics park.

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