Dubai Ports World to expand Latin America operations
Dubai Ports World recently revealed plans to expand its operations significantly in Argentina, which is regards as a key emerging market and potentially lucrative investment destination. The move by the Dubai-based terminal operator will significantly increase the company's presence in Latin America.
DP World will reportedly invest some $100 million to expand facilities at the port in Buenos Aires, Argentina, according to Khaleej Times. In addition, is will look at investing in a new mega port and developing three free zones in the country.
The announcement of the upcoming deal followed talks with high-level officials in Buenos Aires, Argentina with Sultan bin Sulayem, chairman of Dubai World.
Bin Sulayem reportedly discussed details of the deal with Argentina's minister of Planning and Public Utilities, Julio De Vido, Transport Secretary, Recardo Raul Jaime, and many prominent members of the Buenos Aires business community.
Secretary De Vido stressed satisfaction with the proposed deal, and said that Argentina would extend full co-operation for its successful implementation.
Bin Sulayem also showed particular interest in the growth potential of Argentina's energy requirements.
DP World subsidiary P&O Ports has been the managing partner in 'Terminales Rio de la Plata' (TRP) since the port's privatization in1994.