Gulftainer, a global port operator headquartered in the United Arab Emirates, has announced it has finalised a USD $600 million 50-year concession agreement with the State of Delaware to operate and develop the Port of Wilmington.
The largest investment and operation ever run by a privately operated, UAE-based company in the US will significantly expand Gulftainer’s global reach.
Read more about Abu Dhabi's maritime strategy by reading a Port Technology technical paper
Gulftainer will build a new 1.2 million TEU container terminal as part of the rights to manage the entire port, turning it into one of the largest gateways on the US Eastern Seaboard.
The contract that was exclusively granted by the Committee on Foreign Investment in the United States (CIFUS) after a year of negotiations and examinations into the company’s capabilities.
Learn more about the UAE's supply chain strategy by reading a PTI Insight
The contract that was exclusively granted by the Committee on Foreign Investment in the United States (CIFUS) after a year of negotiations and examinations into the company’s capabilities.
Gulftainer currently operates the Canaveral Cargo Terminal in Port Canaveral, Florida, and provides services to the US Armed Forces and the US Space Industry.
Governor of the State of Delaware John Carney said: “This historic agreement will result in significant new investment in the Port of Wilmington, which has long been one of Delaware's most important industrial job centers.
“For decades, jobs at the Port have helped stabilize Delaware families and the communities where they live.
“I was proud to help make our partnership with Gulftainer official today, and I want to thank members of the General Assembly, the Diamond State Port Corporation, Gulftainer, and all of our partners who have helped make this agreement a reality.”
Badr Jaffa, Chairman of Gulftainer’s Executive Board, commented: “We are proud to be making this long-term commitment to the State of Delaware, its community and its economy.
“This landmark agreement builds on Gulftainer’s 43-year track record of delivering excellence and dependability in ports and logistics operations around the world, and we are confident that this public-private partnership will propel the Port of Wilmington towards becoming the principal gateway of the Eastern Seaboard.”
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