DP World, a Dubai-based logistics provider, has signed a memorandum of understanding with the Port Authority of Dakar to build a $1.13-billion deep-water port in Senegal.
The port will be named DP World Dakar and located 50 kilometers south of the capital, Dakar.
An event marking the start of construction took place on Jan. 3.
Senegalese President Macky Sall attended.
According to information gathered by Billionaires.Africa, when completed, the joint venture will be the biggest private investment in the West African country.
Commenting on the development, Sall said: “We are ready for the structural transformation of our economy with this mega-project.”
The project will be implemented in phases and first see the construction of 840 meters of quay and a five-kilometer marine channel designed to handle 366-meter vessels. Additionally, it will build 410 meters of container quay and finalize a dredge to handle 400-meter vessels in the second phase.
Founded in September 2005, DP World is a state-owned port operator based in Dubai. It specializes in port terminal operations, maritime services, free trade zones and cargo logistics.
The Emirati multinational logistics company is led by Sultan Ahmed Bin Sulayem, who doubles as the group chairman and CEO. Ahmed is a scion of the famous Sulayem family, one of Dubai’s most prominent business and political families.
He also leads other well-known local and international businesses, including Virgin Hyperloop and Seven Tides International.
Commenting on the move, Ahmed said his company will develop and operate the 300-hectare container terminal, as well as finance and design the land and maritime infrastructure.
He added that: “It represents a brighter future as this new port will bring greater economic growth, prosperity, and jobs.”