DP World and Yemen sign agreement

DP World and the Yemen Gulf of Aden Port Corporation have finalised a joint venture that will see Dubai-based firm operating and developing the container handling facilities in the port of Aden.

The agreement includes the lease of both Aden Container Terminal and of nearby Ma'alla Container Terminal, and a commitment by the joint venture to invest around $220 million (Dh807m) in developing the port, including building a new 400-metre berth extension to Aden Container Terminal within five years from handover, which is expected by the end of this year.

Capacity at Aden port is currently around 700,000 TEUs and is expected to grow to around 1.5 million TEU by 2012.

The joint venture plans to further expand capacity as dictated by market demand as part of the second phase development rights.