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Wednesday, 28 September 2016

Cosco Shipping Signs $738 Million Deal to Expand U.A.E. Port - Bloomberg

Cosco Shipping Signs $738 Million Deal to Expand U.A.E. Port - Bloomberg:

"Cosco Shipping Co., a unit of China’s biggest shipping group, agreed to build and operate a new container terminal in Abu Dhabi, securing a foothold in the Gulf with a $738 million deal that would more than double cargo-handling capacity at Khalifa port.
The company signed an accord with state-run Abu Dhabi Ports Co. on Wednesday to invest in a planned second terminal at Khalifa, boosting the port’s capacity to about 6 million 20-foot containers from 2.5 million currently. The 35-year agreement will boost Abu Dhabi’s role in regional logistics, Abu Dhabi Ports Chairman Sultan Al Jaber said at a news conference at Khalifa. 
The concession is valued at about $738 million, Cosco Shipping said in a statement to the Hong Kong stock exchange. It’s the Chinese company’s first such deal in the Gulf, Abu Dhabi Ports Chief Executive Officer Mohamed Al Shamsi said in an interview.
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