Sharjah Ports sign an agreement to develop international trade and logistics operations

Media In – Sharjah – 10 October 2018 / WAM /

 Sheikh Khalid bin Abdullah Al Qasimi, Head of the Department of Maritime Ports and Customs and the Free Zone Authorities of Sharjah International Airport and the Free Zone in Hamriyah, Sharjah, and Jeffrey Bullock, Secretary of State for Delaware, signed a twinning agreement between the Department and the Diamond State Ports Company “- the legal body of the state in the presence of a selection of senior officials. Under the terms of the agreement, the two sides were authorized to cooperate in the development of international trade, logistics, exchange of information and concerted efforts to achieve commercial, technical and knowledge benefits. The agreement allows private companies operating within the water sector of the two ports concerned to have an opportunity to cooperate in trade and investment on a large scale. The signing of the agreement comes after Gulftainer, the world’s largest independent private port management company based in Sharjah, received Wilmington Port Delaware officially from Damount State Ports Company to operate and develop the port for 50 consecutive years. The agreement will further cement Gulftainer’s status as the Middle East’s largest independent port operator, managing ports operations in the United States. Gulftainer plans to invest $ 580 million to develop the capacity of the Wilmington cargo terminal to boost overall productivity and build a new container facility with a capacity of 1.2 million TEUs valued at $ 410 million at the former Depot site in Edgemor, Diamond City Ports “in 2016. This extraordinary transaction represents the largest investment ever undertaken by a UAE private company in the United States. “The twinning agreement underscores our commitment to establishing long-term international relations that will enhance the economic growth of the UAE and contribute to social and economic development worldwide,” said Bader Jafar, Chairman of the Executive Board of Gulftainer. “This agreement will contribute to strengthening our tireless efforts in collaboration with a strong partner with a strong presence in the UAE and will play a pivotal role in strengthening strategic trade links and knowledge sharing between the UAE and the United States.”