DP World has secured a 30-year concession to manage and develop a greenfield multi-purpose port at Banana in Democratic Republic of the Congo (DRC).
The arrangement also covers an option to extend the concession for a period of additional 20 years.
DP World will also establish a joint venture (JV) with the Government of DRC to manage and invest in the Port of Banana, which is set to be the first deep-sea port in the country.
DP World will own 70% share in the JV, while the remaining 30% stake will be controlled by the government.
The company will initially invest $350m in the first phase of the Greenfield project, as well as build a 600m quay and 25ha yard extension with capacities to handle 350,000 twenty-foot equivalent units (TEU) of containers and 1.5 million tonnes of general cargo.
Construction of this phase is scheduled to begin this year and is expected to be completed in around 24 months.
DP World plans to complete the construction of the port in four phases with a total investment of more than $1bn.
DP World Group chairman and CEO Ahmed Bin Sulayem said: “Investment in this deep-water port will have a major impact on the country’s trade with significant cost and time savings, attracting more direct calls from larger vessels from Asia and Europe, and ultimately acting as a catalyst for the growth of the country and the region’s economy.
“DP World has become a major player in Africa and the Port of Banana will contribute to our global network and continued growth in the developing markets.”
With the development of the Port of Banana, the Government of DRC aims to connect the country to the global trade routes and to reduce its dependency on the ports of the neighbouring countries.