Dubai-based multinational logistics company DP World has signed multiple Memorandums of Understanding (MoUs) worth 3 billion dollars (Rs 25,000 crore) with the government of Gujarat, India.
The MoUs was signed on Wednesday, January 10, in the presence of UAE President Sheikh Mohamed bin Zayed Al Nahyan, Indian Prime Minister Narendra Modi, DP World Group CEO Sultan Ahmed bin Sulayem, and Gujarat Government Additional Chief Secretary M K Das.
The signing took place during the Vibrant Gujarat Global Summit 2024 in Gandhinagar.
Under the agreements, DP World plans to develop multipurpose deep-draft ports in South Gujarat and the western coast of the state, extending towards Kutch.
The deal involves the establishment of special economic zones, cargo terminals, and private freight stations across various regions of the state.
It has also partnered with the Gujarat Maritime Board to collaborate on identifying potential opportunities for the development of additional ports along Gujarat’s coast.
In a statement, Sultan Ahmed bin Sulayem, Chairman and CEO of DP World Group, said, “We are very committed to India, where we have been operating for nearly 20 years. In that time, we invested almost $2.5 billion, and we will invest more in these projects in the next three years.”
“The policies of the government and our experience here is what gives us the confidence to do even more in India. We have also been present in Gujarat since 2003 and are proud to have been part of the state’s growth story,” he added.
