Dubai’s DP World looks to invest $1 bln in India

Dubai-based ports operator DP World is looking to invest more than $1 billion in India over the next few years, the company said in a statement on Sunday.

The group has already invested $1.2 billion in the country and is the only foreign operator with six port concessions, holding a market share of 30 percent.

"India offers immense potential for growth in maritime sector. With Nhava Sheva (India) Gateway Terminal, the new 330-meter berth, DP World will contribute even more to India's growth," Sultan Ahmed Bin Sulayem, chairman and CEO of DP World, said.

The DP World investments could include expansion in brownfield container terminals, long-term greenfield container concessions, inland container depots, and expansion of existing inter-modal rail service for rolling stock.

The announcement was made during the recent visit to India by Mohammed Bin Zayed Al Nahyan, crown prince of Abu Dhabi. Al Nahyan was accompanied by Sulayem on the trip.

Dubai's non-oil trade with India has seen a 144 percent growth from 2004 to 2014. By 2014-end, the trade between the two countries amounted to AED 109.34 billion, against AED 44.87 billion in 2004, the statement said.

“India was Dubai’s second largest trading partner in 2015, with bilateral trade of AED 73.86 billion during the first nine months of 2015 – comprising imports of AED 41.73 billion, exports of AED 14.54 billion and re-exports of AED 17.59 billion,” according to the statement.