UAE’s logistics powerhouse DP World has won a concession to develop, operate and maintain a mega-container terminal at the Deendayal port in Gujarat, on the western coast of India, the company said in a statement on February 2.
The project entails the construction of the new terminal through a public–private partnership. Once complete, the terminal will include a 1.1-kilometre berth and will be capable of handling vessels carrying more than 18,000 twenty-foot equivalent units (TEUs) — the standard measure of cargo container capacity. Total capacity will be 2.19 million TEUs, the company’s statement notes.
“India represents a significant landscape for opportunity. As the value chain becomes more integrated, significant growth opportunities exist across the entire Indian ports and logistics space,” DP World’s CEO, Sultan Ahmed Bin Sulayem, said in the statement.
Gujarat has boosted its name as a business hub on India’s western coast. In the past few months, it became the destination of choice for the country’s first large-scale, $20bn microchip factory operated by Vedanta and Foxconn, while the Times of India has reported that US Micron has also picked Gujarat for a new $10bn fabrication plant.
Ivanhoe Mines pours $2.9bn into DRC copper mine
Canadian miner Ivanhoe Mines will spend $2.9bn to boost its copper production at the Kamoa-Kakula in the Democratic Republic of Congo (DRC), the company said in a statement on January 31.
As much as $2.53bn will go towards the mine’s phase-three expansion, which entails the development of the mine itself, a concentrator and smelter, as well as local infrastructure, including an off-site hydropower plant. Another $120m will be set aside for phase-two expansion, while the remaining $260 has been allocated as “sustaining capital”.
The DRC’s National Investment Promotion Agency spoke to fDi last year about its ambition to move beyond mineral extraction and up global value chains.
Spain and Morocco sign €800m investment agreement
The Spanish and Moroccan governments have signed a €800m investment agreement to support investment by Spanish companies in the African country.
In particular, the agreement will prioritise investment in energy, water infrastructure, transport, logistics, agribusiness and innovation, according to a statement by the Spanish government published on February 2.
Morocco is the biggest destination of Spanish investment in Africa with a stock of accumulated investment of almost €2bn, the government statement notes.