DP World has won a 50 year concession for the development of a greenfield multi-purpose port project at Posorja, Ecuador, 65 km from the country’s main business city of Guayaquil.
The $500m initial investment will include the purchase of land, dredging of a new access channel, a 20 km access road and a 400 m berth equipped to handle containers and other cargo. Construction is expected to start within the next six to nine months and take around two years to complete, resulting in 750,000 TEU of capacity.
Total investment is expected to exceed $1bn for the entire project with thousands of jobs during construction, close to 1,000 jobs during operations, along with plans to develop a logistics zone to create a regional trading hub. The project will focus on containers with the capability to handle other types of cargo and will be implemented with DP World’s local partners, Consorcio Nobis and Grupo Vilaseca.
Ahmed Bin Sulayem, Group Chairman and CEO, DP World said, “We are delighted to extend our South American footprint with a major investment in Ecuador. The additional value it will bring to the economy is compelling, increasing competitiveness through the provision of modern container terminal services in central Ecuador.”
Source: DP World