DP World and P&O Maritime win Limassol port concession agreements
DP World and the Government of the Republic of Cyprus have today entered into two separate concession agreements for the commercialisation of activities within Limassol port, Cyprus, the company said in its press release.
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 vent ure 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% of the share capital of each joint venture, as well as the management rights.
A transition phase will follow during which the current Cyprus Port Authority will continue to operate the port whilst DP World and P&O Maritime Services undertakes activities required to effect a smooth transition. The takeover date of both concessions is currently envisaged to be 29 January 2017. Dubai trade with Cyprus reached 325 million AED in 2014. Trade in the first nine months of 2015 reached 261 million AED.
About DP World:
DP World is a leading enabler of global trade and an integral part of the supply chain. The company has a portfolio of 77 operating marine and inland terminals supported by over 50 related businesses in 40 countries across six continents with a significant presence in both high - growth and mature markets. In 2015, DP World handled 61.7 million TEU (twenty - foot equivalent units) across our portfolio. With its committed pipeline of developments and expansions, the current gross capacity of 79.6 million TEU is expected to rise to more than 100 million TEU by 2020, in line with market demand.
