A UAE-backed freeport on the river Thames won the support of the British government on Wednesday, after UK Finance Minister Rishi Sunak unveiled the eight winning bids to turbocharge post-Brexit Britain in his budget statement.
The Thames Freeport in East London's Thames Estuary is a digitally linked, special economic zone that includes DP World-owned London Gateway port, as well as Tilbury port and a Ford factory in Dagenham. It is one of eight new economic zones that will receive tax advantages and customs relief.
Alan Shaoul, chief financial officer at DP World in the UK, said on Wednesday that the Thames Freeport was “open for business”.
“Our London Gateway site alone has almost 10 million square feet of land that has planning consent, and the capacity to expand materially its operational area and therefore attract new foreign direct investment within the lifetime of this parliament,” Mr Shaoul said.
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