Dubai Ports World buys majority stake in Spanish port

June 19th, 2008 - 11:15 am ICT by IANS  

Dubai, June 19 (IANS) The United Arab Emirates-based marine terminal operator Dubai Ports World (DP World) has announced the purchase of a 60 percent stake in a company holding exclusive concession for a container terminal in northern Spain, WAM news agency reported Thursday. The privately owned company - Contarsa Sociedad de Estiba (Contarsa) - holds the concession for Tarragona container terminal, which is located on the Mediterranean Sea near Barcelona and serves the hinterland of northern and central Spain.

The transaction has received approval from the Tarragona Port Authority and is currently seeking European Union regulatory clearance. The cost of the deal was not disclosed.

DP World Chairman Sultan Ahmed bin Sulayem said Tarragona was an exciting addition to DP World’s global portfolio with considerable growth potential.

“We are looking forward to building a closer relationship with Spain to serve customers across the region as well as increasing the trade between the Middle East and southern Europe,” he added.

“Operating the port in Tarragona will allow us to provide further, quality services for our customers in the Mediterranean and create an efficient gateway for this rapidly growing region,” said DP World CEO Mohammed Sharaf.

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