DP World has acquired a 49% stake in the NUTEP terminal in Russia’s Port of Novorossiysk with the Delo Group of Companies as part of a deal valued at an estimated of US$330 million, which is now waiting on approval from a government commission on foreign investment, according to the Journal of Commerce.
The move presumably comes as a result of the increase in DP World’s revenue and profit, seen in the year ended December 31, 2016.
The company reported a profit increase of more than $200 million, with Sultan Ahmed Bin Sulayem, CEO and Chairman of DP World previously stating that the company will focus on maintaining the existing shape of its portfolio going forward.
India is another region in which the organisation intends to develop, with a recent announcement that it had been given the green light to combine all of its terminal operations at Indian ports.
DP World’s most recent project in Russia was the ‘DP World Russia’ initiative, which was an invest fund established in collaboration with the Russian Direct Investment Fund, which would see around US$2 billion invested into Russia’s port infrastructure.