THE state of Delaware has awarded Gulftainer subsidiary GT USA a 50-year concession to operate and develop the port of Wilmington.
Under the terms of their agreement, the company will invest up to US$600 million to upgrade and expand the port.
Under terms of the agreement, the subsidiary will make annual royalty payments to the state totalling an estimated $13 million over the next decade.
The planned investment of up to $600 million includes $400 million for a new 1.2 million TEU container facility at DuPont's former Edgemoor site, reported American Shipper.
Gulftainer said the port deal represents the largest operation ever run by a United Arab Emirates company in the United States as well as the largest investment ever by a private UAE company in the country.
The company said the 50-year concession follows a year of negotiations and a thorough evaluation of its capabilities globally, including in the US where it operates the Canaveral Cargo Terminal in port Canaveral, Florida. The Committee on Foreign Investment in the US completed a formal review and granted the terminal operator exclusive rights to manage the port.
Gulftainer chairman Badr Jafar said: 'We are confident that this public-private partnership will propel the port of Wilmington towards becoming the principal gateway of the eastern seaboard.
'Since Gulftainer's entry into the US through our operations in port Canaveral in 2015 we have discovered major untapped potential in this sector and we will continue to look for attractive investment opportunities in the region,' said Mr Jafar.
Under the terms of their agreement, the company will invest up to US$600 million to upgrade and expand the port.
Under terms of the agreement, the subsidiary will make annual royalty payments to the state totalling an estimated $13 million over the next decade.
The planned investment of up to $600 million includes $400 million for a new 1.2 million TEU container facility at DuPont's former Edgemoor site, reported American Shipper.
Gulftainer said the port deal represents the largest operation ever run by a United Arab Emirates company in the United States as well as the largest investment ever by a private UAE company in the country.
The company said the 50-year concession follows a year of negotiations and a thorough evaluation of its capabilities globally, including in the US where it operates the Canaveral Cargo Terminal in port Canaveral, Florida. The Committee on Foreign Investment in the US completed a formal review and granted the terminal operator exclusive rights to manage the port.
Gulftainer chairman Badr Jafar said: 'We are confident that this public-private partnership will propel the port of Wilmington towards becoming the principal gateway of the eastern seaboard.
'Since Gulftainer's entry into the US through our operations in port Canaveral in 2015 we have discovered major untapped potential in this sector and we will continue to look for attractive investment opportunities in the region,' said Mr Jafar.