Exclusive: Port operator Gulftainer to invest as much as $3bn to expand portfolio - The National

Exclusive: Port operator Gulftainer to invest as much as $3bn to expand portfolio - The National:

UAE port operator Gulftainer plans to invest as much as $3 billion (Dh11bn) over the next five years with financing from investors and banks as it seeks to double its container capacity and acquire assets, its chief executive said.

The operator wants to reach 10 million twenty-foot equivalent units - a measurement of a ship’s container-carrying capacity - in five years, increase its cargo shipment handling and engage investors to help fund its $2 to $3bn expansion, Peter Richards told The National.

“We should not to be restricted to TEUs and containers because a lot of the entities that we're looking at now are not just containers but a lot of them are break bulk and general cargoes,” said Mr Richards. “We hope to continue our growth in the US market and at the same time we are looking at east and west Africa, and we are looking at Asia.”