Dubai – U.A.E ( Cabays media): Ports, Customs and Free Zone Corporation (PCFC), owned by the Dubai government, announced on Wednesday it has established a new company, P&O Ports, to focus on developing and operating medium-sized, multi-purpose ports around the world.

P&O Ports has signed a Memorandum of Understanding “to enter into preliminary discussions” with the governments of Madagascar, Somaliland and Albania, PCFC chairman Sultan Bin Sulayem said in the statement announcing the new firm.

P&O Ports, which will focus on emerging economies, will specialise in “developing and operating marine and inland ports in markets with a need for well-managed trade and logistics infrastructure,” according to the statement.

“P&O Ports is specialised in delivering high-end unloading and handling services for multi-purpose ports around the world. These brownfield ports, predominantly handling general cargo and bulk commodities, are a source of great opportunity but tend to be uneconomic for larger operators,” the statement said.

Arif Obaid Al Dehail, chief executive officer of Trakhees, a division under the Ports, Customs & Free Zones Corporation, will serve as chairman of P&O Port, and Hassan Hadi, formerly senior vice-president for Research and Development at DP World, will serve as CEO.

The Dubai government, through its ownership of Dubai World, already owns one of the world’s largest port operators, DP World, of which Bin Sulayem is the chairman.

“The wide expertise we have gained in port development and management is a good reason for us to move forward to strengthen our position as a global leader in this sector,” Bin Sulayem stated.

Source: Gulf news

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