The Emirati group DP World and the British CDC Group have announced a partnership that involves a $1.72-billion joint investment to upgrade port infrastructure in Africa. DP World will commit $1 billion to the project, while the CDC will provide the remaining $0.72 billion.
The funds will be used to modernize ports operated by DP World in Ain Sokhna (Egypt), Dakar (Senegal) and Berbera (Somaliland).
The partnership will further invest in the expansion of the three ports. This will “improve access to vital goods for 35 million people, including in neighboring countries, support 5 million jobs and add $51 billion to total trade by 2035,” the CDC said.
Furthermore, the deal will also invest in container depots and business parks.
DP World is a Dubai-based multinational logistics company, specializing in cargo logistics, port terminal operations, maritime services and free trade zones.
The Emirati company, which currently lists on the NASDAQ Dubai Stock Exchange, is renowned for its efficient handling of seaports and control of millions of containers.
Sulayem serves as its chairman and CEO. In July, DP World acquired South Africa’s Imperial Logistics for R12.7 billion ($890 million) to significantly strengthen its African market presence.