Abu Dhabi: Gulftainer, a privately-owned UAE-based port operator, announced on Monday that the US Federal Government has completed a review of the agreement that grants its subsidiary the rights to operate and develop the Port of Wilmington in Delaware for 50 years.
The announcement follows an earlier preliminary agreement between Gulftainer and the State of Delaware to grant the subsidiary, GT USA Wilmington, the exclusive concession rights.
As part of the deal, Gulftainer is planning significant investments in developing the port’s cargo terminal capabilities to enhance its overall productivity, it said in a statement.
Currently owned and operated by the Diamond State Port Corporation (DSPC), a corporate entity of the State of Delaware, the Port of Wilmington is a fully serviced deepwater port and marine terminal.
The deal will also include the construction of a new 1.2 million TEUs (twenty-foot equivalent units) container facility at DuPont’s former Edgemoor site that DSPC acquired in 2016.
The Committee on Foreign Investment in the United States (CFIUS), a panel comprising military, homeland security, and federal law enforcement officials among others, conducted the federal review of the Port of Wilmington agreement.
“Gulftainer is delighted to have successfully completed the CFIUS process for the second time. The result brings a significant boost to our efforts to manage strategic cargo terminals that can be developed and scaled to bring a whole range of benefits to the economy,” said Peter Richards, the company’s group CEO.
In the United States, Gulftainer currently operates the Canaveral Cargo Terminal in Port Canaveral, Florida, after winning a 35-year concession in 2015.