DP World expands in Suriname, South America

Dubai: DP World is looking to boost its presence in South America after buying the controlling stake in two seaport companies in Suriname.

The company, which is the world's third-largest port operator, announced the deal with Integra Port Services (IPS), which controls rights for a cargo terminal in Paramaribo's Nieuwe Haven Port.

The company also bought a stake in Suriname Port Services (SPS), which runs a private inland cargo facility upstream from the port.

The price of the deal was not disclosed, but the company expects it to close in the third quarter.

Expansion

A DP World spokesperson told Gulf News that the acquisition was part of the company's expansion into emerging markets.

He added that Latin America, particularly Suriname, plays an important role in facilitating international trade and economic development. "We picked this country because its diversified natural resources sector, including oil, gold, agriculture, and forestry," said Mathew Leech, senior vice-president and managing director of Americas.

"These terminals are well placed to handle all cargo into Suriname today, but they also have the potential to expand relying on the future demand as trade grows."

He added that DP World aims to enhance customers supply chain efficiency by managing container, bulk and other cargo.