DP World and P&O Maritime win Cyprus Port concession agreements
Republic of Cyprus Minister of Transport and Communications Marios Demetriades and DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem at the signing of the concession agreement
Arcapita acquires Logistics Park in Dubai Arcapita has acquired a logistics park in Dubai, UAE, for a total transaction value of approximately USD 100 million (AED 367295000). The investment comprises nine freehold plots of land in the Al Quoz Industrial Area, covering an area of approximately 630,000 square feet. By the third quarter of 2016, the site will consist of
6 MAY 2016
ten completed warehousing facilities that will be under a long term master lease with a reputable UAE conglomerate. The investment will capitalise on Dubai’s growing logistics market and will offer premium warehousing facilities to tenants in one of Dubai’s most established and sought after industrial areas.
DP World and the Government of the Republic of Cyprus have entered into two separate concession agreements for the commercialisation of activities within Limassol port, Cyprus. DP World Limassol has been awarded a 25 year concession for the exclusive right to operate the multipurpose terminal, whose activities include break-bulk, general cargo, ro-ro and the operation of the passenger terminal. Simultaneously, P&O Maritime Cyprus (a wholly-owned subsidiary of DP World Limited), has also been awarded a 15-year concession to exclusively provide a full range of port marine services including tugs and pilotage at the port of Limassol. Both concessions will be awarded to a joint venture between DP World and G.A.P. Vassilopoulos Public Limited, a logistics and services company, listed on the Cyprus Stock Exchange. DP World shall hold 75 per cent of the share capital of each joint venture, as well as the management rights. Additionally, DP World is all ready to implement the new International Maritime Organisation (IMO) Safety of Life at Sea (SOLAS) regulation, which comes into effect on July 1st, 2016. The new regulation mandates that shippers of goods must obtain the Verified Gross Mass (VGM) of laden export containers and communicate it to ocean carriers sufficiently in advance of the ship stowage planning. Ocean carriers and container terminal operators will be legally obliged to ensure that containers without a VGM are not loaded on to a ship in all 162 IMO member states that are required to enforce the new law. DP World’s global terminals will have certified weighing capabilities if this is permitted under the locally adapted implementation of the SOLAS regulation. Comprehensive weighing services will be offered for exporters to determine the Verified Gross Mass (VGM) of each container so that they comply with the new legislation.