Dubai Ports signs $1.9b agreement in China

Shanghai: His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, attended the signing of an agreement by Dubai Ports World (DPW) to invest $1.9 billion in two Chinese port projects.

DPW signed a $636 million agreement to build a smart container terminal in Quanzhou port which will be completed by 2017, and a $1.2 billion agreement for building a new port in the city of Tianjin that is expected to be completed by 2018.

The agreements were signed by Sultan Bin Sulayem, Chairman of DPW, and the Chairman of Quanzhou Port Group. Bin Sulayem said that the new port will have a capacity to handle 1.2 million containers every year, and will excel in quickly unloading containers and use electric power in order to reduce carbon emission and pollution.

The signing of the agreement was attended by Lieutenant General Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, Amal Al Qubaisi, Speaker of the Federal National Council, and other shaikhs and senior officials.