FINANCIAL NEWS

DP World invests $735m in Peru

25 Apr 2010

(MENAFN) DP World said that its total investments in developing Peru’s largest port, Callao, would reach $735.3 million when the project gets completed in 2012, Al Bayan reported.

The firm’s Chief Executive, Mohammed Sharaf, said that the first phase of Callao’s southern container terminal will be completed in May 2010, while the third and last phase is expected to be completed in 2012.

He said that DP World had made a $1.3 billion offer for the development of a container terminal in Callao’s northern section. Sharaf added that the Peruvian government is currently examining all offers for the project.

It is worth mentioning that DP World is one of the largest port operators in the world and is 77 percent owned by debt-choked conglomerate Dubai World.

Last month, the Dubai government unveiled a $9.5 billion restructuring proposal for Dubai World that would give creditors their money back in 5 to 8 years and repay two key bonds.

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