Business | Shipping
DP World to invest $239.5m in Australia port
Dubai Ports World said yesterday it signed a 40-year lease deal with the Port of Brisbane and is looking to invest A$250 million ($239.5 million) in the port in response to market demand.
- Reuters
- Published: 23:24 July 26, 2008
Dubai: Dubai Ports World said yesterday it signed a 40-year lease deal with the Port of Brisbane and is looking to invest A$250 million ($239.5 million) in the port in response to market demand.
Under the deal, DP World will lease a container-only terminal for an initial 20-year term, with a 20-year option, Port of Brisbane chief executive Jeff Coleman said in a statement.
DP World currently leases three container terminals at the port, it said.
"DP World is looking at investing around A$250 million at Fisherman Islands over time to expand and to re-engineer the terminal in response to market demand," DP World chief executive Mohammad Sharaf said in the statement.
However, the port operator did not give a timeframe for the investment.
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