MSC inks deal for $1bn port development
01 June 2018
Mediterranean Shipping Company (MSC), a Swiss-based leader in global transportation and logistics, is set to invest close to Dh4 billion ($1.08 billion) on the development of a new container terminal at Khalifa Port in Abu Dhabi.
The funding comes as part of a 30-year concession agreement it has signed with Abu Dhabi Ports.
The new container terminal represents one of MSC’s strategic investments as one of the world’s leading container shipping lines. The Swiss group said it plans to gradually shift some of its container handling in the region to Khalifa Port, starting this July. The new terminal will benefit from the port’s unique advantages as one of the region’s most technologically-advanced facilities.
This is set to increase Khalifa Port’s capacity from 2.5 million TEUs in 2017 to 5.3 million TEUs by 2020.
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- In Brief
