In a significant move reinforcing its dedication to Gujarat, DP World has inked multiple Memorandums of Understanding (MoUs) totaling approximately Rs250 billion (around $3 billion) with the Government of Gujarat. These comprehensive agreements encompass the development of new ports, terminals, and economic zones, exemplifying DP World’s commitment to fostering trade in this burgeoning Indian state.
Strategic Exchange at Vibrant Gujarat Summit
The signing ceremony unfolded during the Vibrant Gujarat Global Summit 2024 in Gandhinagar, graced by the presence of UAE President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi. DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem, and M K Das, Additional Chief Secretary, Government of Gujarat, exchanged these groundbreaking MoUs.
Gujarat’s Development Model in Focus
The MoUs showcase Gujarat’s prowess as a development model and a significant contributor to India’s growth trajectory. DP World’s strategic plans include the establishment of multi-purpose deep-draft ports, Special Economic Zones in Jamnagar and Kutch, and strategically positioned Gati Shakti Cargo Terminals (GCT) and Private Freight Stations.
Collaborative Exploration with Gujarat Maritime Board
In addition to these pivotal agreements, DP World has entered into an MoU with the Gujarat Maritime Board to jointly identify opportunities for developing additional ports along the state’s coastline.
CEO’s Assurance and Pride in Partnership
Reflecting on these agreements, CEO Sultan Ahmed bin Sulayem expressed DP World’s unwavering commitment to India, emphasizing the company’s nearly two-decade presence and substantial investments of close to $2.5 billion. He underscored DP World’s confidence in the Indian market, attributing it to supportive government policies and the company’s extensive experience in the region. Bin Sulayem expressed pride in DP World’s role in Gujarat’s growth story since 2003 and the honor of contributing to the state’s logistics and maritime infrastructure.
DP World’s Varied Investments in Gujarat
DP World’s existing investments in Gujarat encompass a container terminal in Mundra, rail-connected private freight terminals at Ahmedabad and Hazira, cold storage facilities in Surat and Bharuch, and strategic freight forwarding offices. The company ensures global connectivity through weekly coastal services via DP World’s Unifeeder Group, linking Mundra, Kandla, and Hazira ports to international destinations.
Continued Growth: Mega-Container Terminal at Tuna-Tekra
In August 2023, DP World further solidified its commitment by signing a $510 million concession agreement with the Deendayal Port Authority. The agreement outlines plans for developing and operating a mega-container terminal at Tuna-Tekra in Kandla, capable of handling over 2.19 million TEUs per year.
Strategic Vision for Gujarat’s Future
These recent MoUs underscore DP World’s strategic vision aligning with Gujarat’s economic growth. The agreements position DP World as a key contributor to the region’s trade and development landscape, further solidifying Gujarat’s role on the global stage.
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