UAE-based DP World has announced it will develop new ports, terminals, and economic zones as part of a multi-billion deal to expand the logistics capabilities of Gujarat, India.
The company has signed a series of Memoranda of Understanding (MoUs), worth 250 billion rupees ($3 billion) with the Government of Gujarat.
The plans include the development of multi-purpose deep-draft ports in South Gujarat and around the western coast of Gujarat towards Kutch, the creation of Special Economic Zones in Jamnagar and Kutch and the building of Gati Shakti Cargo Terminals (GCT) and Private Freight Stations at Dahej, Vadodara, Rajkot, Bedi and Morbi.
The MoUs were signed in a ceremony attended by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of UAE; Narendra Modi, Prime Minister of India, as well as DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem and Mr M K Das, Additional Chief Secretary, Government of Gujarat.
The announcement was made as part of the Vibrant Gujarat Global Summit 2024 being held in Gandhinagar and aims to highlight the region’s value as a trade partner, as well as strengthen its logistics and maritime infrastructure.
DP World has also signed an MoU with the Gujarat Maritime Board, that will identify opportunities to develop additional ports along the coast of Gujarat.
“We are very committed to India, where we have been operating for nearly 20 years,” Bin Sulayem said. “In that time, we invested almost $2.5 billion and we are going to invest more in the next 3 years in these projects.”
DP World has already made significant investments in Gujarat, including a container terminal in Mundra, along with rail-connected private freight terminals at Ahmedabad and Hazira.
In addition, the company has developed cold storage facilities in Surat and Bharuch, freight forwarding offices in Ahmedabad and Gandhidham, and express cargo services across the state.
Ahead of the Vibrant Gujarat Global Summit 2024, Gujarat signed initial investment agreements with 58 companies worth a combined $86 billion. Dutch and Singapore firms are also set to commit to more than $7 billion during the course of the event.
