Move positions Gulftainer as the only Middle East terminal operator to manage port operations in the USA
Gulftainer recently hosted the formal signing of a sister port agreement between the Department of Seaports & Customs of the Government of Sharjah and the Diamond State Port Corporation (DSPC), a corporate entity of the State of Delaware, USA.
Under the terms of the partnership, the two entities are mandated to cooperate in the development of international trade and logistics, exchange information, and build mutually beneficial commercial, technological and cultural synergies. The agreement also enables private companies within the catchment area of the respective port authorities to collaborate on trade and investment prospects.
The signing took place in Sharjah following the official handover of the Delaware-based Port of Wilmington from the Diamond State Port Corporation to Gulftainer to operate and develop the port over a 50-year concession period.
Gulftainer plans to invest US$ 580mn in developing the cargo terminal capabilities of the Port of Wilmington to enhance its overall productivity. The company’s remit includes the construction of a new 1.2 million TEU container facility worth approximately US$ 410mn at DuPont’s former Edgemoor site that Diamond State Port Corporation acquired in 2016.
This landmark deal represents the largest investment ever by a private UAE company in the USA.
HE Sheikh Khaled Bin Abdullah Bin Sultan Al Qasimi, Chairman of the Department of Seaports & Customs, Sharjah Airport International Free Zone and Hamriyah Free Zone Authority, and Jeffrey Bullock, Secretary of State of Delaware, signed the agreement at the Sharjah Chamber of Commerce. Distinguished guests, Peter Richards, Group CEO, Gulftainer, and senior leadership from the Gulftainer group attended the ceremony.
“In line with Gulftainer’s commitment to generating cross-border socio-economic impact across the globe, this sister-port agreement facilitates strategic trade and knowledge exchange between the UAE and the USA, and further boosts bilateral relations between our countries,” affirmed Badr Jafar, Chairman, Gulftainer’s Executive Board.
