DP World and the Yemen Gulf of Aden Port Corp have finalised a joint venture that will see DP World operating and developing the container handling facilities in the port of Aden.
The agreement includes the lease of both Aden Container Terminal and of nearby Ma'alla Container Terminal, and a commitment by the joint venture to invest around US$220 million in further developing the port, including building a new 400 metre berth extension to Aden Container Terminal within five years from handover, which is expected by the end of this year.
DP World chairman Sultan Ahmed Bin Sulayem said that Aden is a key domestic cargo gateway for Yemen, and has been experiencing average annual growth in domestic throughput of around 18% over the past seven years.
Aden port's current capacity of around 700,000 TEU is expected to grow to around 1.5 million TEU by 2012. The joint venture plans to further expand capacity according to market demand as part of the second phase development rights.
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