(MENAFN- Khaleej Times) DP World on Wednesday said that it will invest £300 million to set up a new berth at its London Gateway project.
In a statement, the Dubai-based company said it will begin work on fourth berth at its London Gateway logistics hub next month to increase supply chain resilience and create more capacity for the world's largest vessels.
"I am delighted to announce that we will go ahead with our latest major investment in the UK, which will give London Gateway more capacity to handle the world's largest vessels than any other port in the country," said Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World.
The £300 million investment, which builds on the £2 billion investment DP World has made in Britain over the last decade, represents the next step by the leading global provider of smart logistics in delivering integrated supply chain solutions for customers.
"As a central pillar of Thames Freeport, London Gateway's new fourth berth will allow even more customers to benefit from world class ports and logistics, with unrivalled global connectivity, on the doorstep of Europe's largest consumer market," Bin Sulayem said.
"DP World plans to be at the heart of Britain's trading future and this investment shows that we have the ambition and the resources to boost growth, support businesses, create jobs and improve living standards," he added.
Rishi Sunak, Chancellor of the Exchequer, will be guest of honour at today's commercial launch of Thames Freeport at the Savoy Hotel in London.
"Our new freeports will create national hubs of trade, innovation and commerce, and attract more investment to regenerate communities and level up the UK," Sunak said.
"Bringing ports and business together to invest in their regions is crucial to the Freeports success story – that's why I'm thrilled that DP World is investing £300 million to support Thames Freeport – creating new opportunities, boosting growth and supporting local jobs," he said.
In the first six months of 2021, London Gateway saw record throughput of 888,000 TEU, a more than 23 per cent increase on the previous best performance for the first half of a year. The new fourth berth will raise capacity by a third and completion will coincide with the delivery of a new wave of 24,000 TEU vessels in 2023-24, which will all be operated between Asia and Europe.
Along with the Port of Tilbury and Ford's Dagenham plant DP World London Gateway will form Thames Freeport after being awarded freeport status by the Government earlier this year, with the partners currently progressing the business case with a view to receiving formal accreditation.
DP World Southampton has also been awarded freeport status as part of Solent Freeport, further cementing the critical role of both logistics hubs in the UK's international trade.
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Muzaffar Rizvi Business Editor/News Editor of Khaleej Times is a well-connected journalist and an economic and financial commentator. He has been in the mainstream journalism since 1997, covering the UAE's economy and key sectors. He holds a post-graduate degree in Economics and has won many awards for authentic and insightful reports on global and regional businesses and economic trends.
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