Istithmar may partake in Panama Canal expansion projects
Investments in the range of some $5 billion are reportedly being considered by Dubai development firms and possibly Istithmar for the expansion of the Panama Canal.
Chairman of holding company Dubai World, Sultan Ahmad Bin Sulayem, confirmed that investment firm Istithmar may participate in the project, which includes several expansion programs in Panama, according to Gulf News.
Such projects include real estate development, the construction of new port facilities and industrial zones in the area, new or expanded shipyard and drydock facilities, and a commodities exchange in Panama.
Bin Sulayem met recently with Panama President Martin Torrijos and Panama Commerce and Industry Minister Alejandro Ferrer, in Panama City to discussed possible investment opportunities.
The planned project at the Panama Canal is the canal’s biggest expansion since it opened in 1914. Presently, ships that pass through the canal must wait for several hours, while the port handles nearly five per cent of global sea trade.
Dubai Drydocks and the Jebel Ali Free Zone Authority have also expressed interest in the expansion plans at the canal.
"Dubai Drydocks would explore opportunities to establish shipyard and dry docks facilities, taking advantage of the huge number of vessels that pass through the Panama Canal," explained Bin Sulayem.