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DP World wins contract to develop multi-purpose port project in Congo

LBR Staff Writer Published 27 March 2018

DP World has secured a 30-year concession to develop and manage a multi-purpose port project at Banana, Democratic Republic of the Congo (DRC).

DP World is also provided with an option of a further 20-year extension for the management of the Greenfield port.

Once operational, the Port of Banana will become the country’s first deep-sea port along its coastline of 37 km. It currently only has the riverine port of Matadi.

To manage and invest in the Port of Banana, DP World will create a joint venture (JV) and owns 70% stake, while the government of DRC will hold the remaining 30% interest.

Based on market demand for the port, industrial and logistics zone infrastructure, the port project will be developed in four phases with an investment of over $1bn.

With an estimated initial investment of $350m, the JV will develop the first phase of the greenfield project, which will feature a 600m quay and 25ha yard extension with a container capacity of 350,000TEU and 1.5 million tons for general cargo.

The JV will begin construction on the project this year, and plans to complete in 24 months. The project will help Congo to access a range of global markets and reduce its dependency on the neighboring countries’ ports.

DP World Group chairman and CEO Sultan Ahmed Bin Sulayem said: “We are delighted to extend our African footprint further with a major investment in the Democratic Republic of the Congo, which is Africa’s third-most populous country but has no direct deep-sea port.

“Investment in this deep-water port will have a major impact on the country’s trade with significant cost and time savings, attracting more direct calls from larger vessels from Asia and Europe, and ultimately acting as a catalyst for the growth of the country and the region’s economy.”

Congo Vice Prime Minister and Transport and Communications Minister Jose Makila Sumanda said: “The Port of Banana will offer the first deep-water port to the Democratic Republic of the Congo that will dramatically improve the cost and time of trade as the majority of the cargo is still handled by neighbouring countries.”

Image: DP World Group chairman and CEO Sultan Ahmed Bin Sulayem. Photo: courtesy of DP World.