26/03/2015 10:23 AST
Dubai's Ports, Customs and Free Zone Corporation (PCFC) has established a new company, P&O Ports, to focus on developing and operating medium-sized, multi-purpose ports worldwide.
P&O Ports is wholly owned by the Government of Dubai as a subsidiary of PCFC.
The new company, specialised in developing and operating marine and inland ports in markets with a need for well-managed trade and logistics infrastructure, is designed to support sustainable development in emerging economies, said a statement.
Sultan Ahmed Bin Sulayem, chairman of PCFC, said: “The new company’s name, P&O Ports, reflects a rich marine heritage. We have the drive and ambition to take our company and this prestigious brand to new heights, identifying the next wave of opportunities for the development and operation of mixed cargo ports worldwide, particularly in emerging economies.
P&O Ports has signed MoUs to enter into preliminary discussions with the governments of Madagascar, the Port of Berbera in Somaliland and Albania to enhance their port infrastructure, he said.
The launch of P&O Ports complements Dubai’s global investments in the port industry and diversifies its operations to include maritime terminals of all sizes, Bin Sulayem said.
P&O Ports is specialised in delivering high-end unloading and handling services for multi-purpose ports around the world. These brownfield ports, predominantly handling general cargo and bulk commodities, are a source of great opportunity but tend to be uneconomic for larger operators. P&O Ports, as a newly created, specialised company, provides the flexibility to compete more efficiently within this sector.
Meanwhile, Dubai continues to reinforce its global presence as a world-class leader in the operation of large and medium ports through DP World, which today has a portfolio of more than 65 marine terminals across six continents.
Bin Sulayem added: “The wide expertise we have gained in port development and management is a good reason for us to move forward to strengthen our position as a global leader in this sector. Our comprehensive strategy at PCFC is geared to predict and prepare ourselves for world changes in global trade before they happen, through capacity building and partnerships that empower us to take a central role in shaping the future of the ports and logistics sector.”
P&O Ports will concentrate on opportunities in emerging markets around the world. The launch is a strategic move based on a thorough, future-oriented needs analysis of the global ports industry. The feasibility study showed that the industry’s future growth is not confined to large ports, with increasing demand for smaller port services being seen in emerging economies.
Arif Obaid Al Dehail, chief executive officer of Trakhees, a division under the PCFC, will be the chairman of P&O Ports, and Hassan Hadi, ex-first deputy chairman at DP World will be the CEO. - TradeArabia News Service
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