Dubai’s DP World has won a 50-year concession to develop a port project in Ecuador that will require initial investment of $500 million, the ports operator said in a bourse statement on Tuesday.
The initial investment “will include the purchase of land, dredging of a new access channel, a 20km access road and a 400-metre berth equipped to handle containers and other cargo,” the statement said.
The project will be conducted with DP World’s local partners, Consorcio Nobis and Grupo Vilaseca. A signing ceremony for the deal took place in Ecuador on Monday.
More to follow.
Follow The National’s Business section on Twitter