Dubai - Mubasher: DP World has inked an agreement with the Senegalese government to develop a deep water port at Ndayane worth a total of $1.127 billion to strengthen Dakar's role as a major logistics hub.
DP World Dakar will finance, design, and construct the land and maritime infrastructure of the new 600-hectare port, located at around 50kms from the existing port, according to a press release on Wednesday.
DP World Dakar, a joint venture between DP World and the Autonomous Port of Dakar (PAD), will invest $837 million in the first phase of the project, which is the single largest private sector investment in the history of Senegal.
In addition, this financing will be followed by a second phase of investment of $290 million.
DP World is also planning to develop an economic zone next to the Port of Ndayane to attract foreign investors to Senegal.
Besides the construction of the new port, DP World Dakar will develop and operate the 300-hectare container terminal at the Port of Dakar.
The Group Chairman and CEO of DP World, Sultan Ahmed bin Sulayem, said: "This will be DP World's biggest port investment in Africa to date, and is a testament to our commitment to Senegal and belief in its potential for further economic growth."
Meanwhile, the Minister of State and Special Envoy to the President of Senegal, Cheikh Kante, remarked: "The development of the new port at Ndayane will enable Senegal to maintain its position as the maritime gateway to the region and play a significant contribution towards the realisation of Maky Sall's vision for an Emergent Senegal."
