Port becomes the largest ever operation by a UAE company in the United States
Gulftainer has recently finalised a 50-year concession with the State of Delaware in the USA to operate and develop the Port of Wilmington, significantly expanding the company’s global footprint and reach.
The agreement, signed by Gulftainer’s subsidiary GT USA, will see an expected investment of up to $600 million in the port to upgrade and expand the terminal and to turn it into one of the largest facilities of its kind on the Eastern Seaboard.
The port deal represents the largest operation ever run by a UAE company in the United States, as well as the largest investment ever by a private UAE company in the country.
Governor John Carney of Delaware signed the agreement with Badr Jafar, Chairman of the Executive Board of Gulftainer in the presence of HE Yousef Al Otaiba, the UAE Ambassador to the US and other dignitaries.
The Delaware concession agreement completes a preliminary agreement between Gulftainer and the State of Delaware, as well as the completion of a formal review by the Committee on Foreign Investment in the United States (CFIUS), granting Gulftainer exclusive rights to manage the Port.
Gulftainer plans to invest up to US$600 million in the port, including $400 million on a new 1.2 million TEU (twenty-foot equivalent units) container facility at DuPont’s former Edgemoor site, which was acquired by the Diamond State Port Corporation in 2016.
“We are confident that this public-private partnership will propel the Port of Wilmington towards becoming the principal gateway of the Eastern seaboard,” noted Badr Jafar, Chairman of Gulftainer’s Executive Board.
“This deal is a milestone in our operating history, and will provide us the platform to make a real difference to the sector on the US East Coast,” remarked Peter Richards, Group CEO, Gulftainer.
