- 26 April 2016
- Transport / Logistics Services
International ports company DP World has signed two separate agreements with the Government of the Republic of Cyprus that are the concessions for the commercialisation of activities within Limassol port.
The first, between DP World and the Cypriot government, is a 25 year concession to exclusively operate the multipurpose terminal in Limassol. This comprises of break bulk, general cargo, roro and the operation of the passenger terminal.
P&O Maritime Cyprus is a subsidiary of DP World, and this has won a 15 year concession to exclusively offer a range of port marine services that include the tug and pilotage operations at the port of Limassol.
Both concessions are joint ventures with Cypriot company G.A.P. Vassilopoulos Public. DP World will have 75% of the share capital of each of the joint ventures in addition to the management rights of both.
DP World chairman and CEO Sultan Ahmed Bin Sulayem said: “We believe in the long-term prospects of Cyprus and the potential for DP World, as a facilitator of trade, to maximise the potential of Limassol port.
“These new concessions demonstrate DP World’s ability to offer a range of port and maritime services, complimenting our vision to be global leaders in world trade.”
DP World is a major international post company with global interests in marine and inland terminals, maritime services, logistics and ancillary services as well as technology driven trade solutions around the world. It has 77 operating marine and inland terminals supported by more than 50 related businesses in 40 countries on six continents.