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Lighthouse - May, 2021.


Alongside its partner Caisse de dépôt et placement du Québec (CDPQ), DP World signed a long-term agreement with Indonesia’s Maspion Group to begin the construction of an international container port industrial logistics park in Gresik, within East Java Province of Indonesia.

The signing ceremony was held in the presence of the Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, and LuhutBinsarPandjaitan, Coordinating Minister for Maritime and Investment Affairs of the Republic of Indonesia, in Jakarta at the Indonesia-Emirates Amazing Week 2021 Building Path Towards Economic Recovery business forum. The signatories of the formal agreements are Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, and Dr. Alim Markus, Chairman, and CEO of Maspion Group.

With a total investment of up to US$1.2 billion, the work on the project is expected to start in the third quarter of 2021. The project will enhance East Java’s position as a key trade gateway for Indonesia.

A Joint Venture

Ushering in a new season in the Indonesian transportation sector, the project involves a foreign direct investor (FDI) partner and a private sector Indonesian company. Under the agreement, a joint venture company will be established between DP World and CDPQ’s global investment platform and Maspion Group.

With a design capacity of up to three million twenty-foot equivalent units (TEU), DP World Maspion East Java will become the sole operator of a modern international container port.

Integrated industrial and logistics Park

DP World and CDPQ will also work with Maspion Group to develop an integrated industrial and logistics Park adjacent to the Container Terminal, with an initial land area of 110 hectares with scope for future expansion. The Park will provide a world-class trade environment for domestic and international businesses to help drive economic growth and create jobs.

Indonesia is rapidly developing as one of the world’s most important economies. “The partnership with Maspion Group is an important development in developing global ports and logistics network. This project will create modern, efficient infrastructure, as well as an industrial zone that provides quality logistics,” said Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World.

Port Investments

Since its launch four years ago, the $8.2 billion DP World-CDPQ platform has invested in 10 port terminals globally and across various stages of the asset life cycle. This investment will allow the partnership to pursue its objectives to further diversify its reach in terms of geography and trade lanes.

“Maspion Group is committed to supporting Indonesia’s sustainable economic development to be aligned with President Jokowi’s grand plan to make Indonesia the fifth largest economy in the world. Surabaya is an important gateway in Indonesia. The existence of this Container Port will further enhance economic development and investment opportunities in Indonesia,” spoke Dr. Alim Markus, Chairman, and CEO of Maspion Group.

Ground-breaking on the Container Terminal is expected to take place in 2021, with commercial operations scheduled to begin in 2023.

Source: www.gulfnews.com

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