Hutchison Port Holdings (HPH) has signed an agreement with Ajman Port Authority of United Arab Emirates (UAE) to develop and operate the Ajman Port for ten years.
Under the agreement Hutchison will establish a new company to operate the port which will start operation from 1 January 2012.
The port, located 25 kilometres from Dubai and ten kilometres from Sharjah, has container and general cargo berths, with a quay length of 1,250 metres and a yard area of 12.9 hectares.
HPH group managing director John Meredith said: "We are pleased to be part of the Government of Ajman’s ambitious plan to put the Ajman Emirate in an advanced economic position in the Arabian Gulf Area and make it a focal investment centre for local and foreign capitals and investors.
"It is our plan to modernise the port and improve its competitiveness to support the development of the Ajman Emirate," Meredith added.