Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- Gulftainer forays into US with 35-year Port Canaveral deal  Join our daily free Newsletter

MENAFN - Khaleej Times - 24/06/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) New terminal seen to contribute 630m to florida economy

the deal will give significant boost to gulftainer business and help in achieving 18 million twenty-foot equivalent unit target by 2020. — supplied photo

gulftainer on monday marked its expansion into the united states as part of its strategic vision to operate 35 terminals in five continents by 2020.

the sharjah-based firm secured a 35-year concession from port canaveral in florida state to operate and further develop its container and multi-purpose cargo terminal which will commence operations in the fourth quarter of 2014.

gulftainer a subsidiary of crescent enterprises and one of the world’s largest privately owned port management and logistics companies said this deal will give significant boost to its business and help achieving 18 million twenty-foot equivalent unit (teu) target by 2020.

chief executive of canaveral port john walsh and chief executive of crescent enterprises and chairman of gulftainer’s executive board badr jafar signed the agreement at canaveral port in the presence of 120 officials from the port and florida state.

michael corbin ambassador of the us to the uae and saud al nowais commercial counsellor from the uae embassy in washington among others were also present on the occasion.

“today is a momentous occasion not just for gulftainer but also for the uae. the seas have been facilitating international trade for centuries and such a partnership between a world-class uae-born port operator and the third largest passenger cruise port in the world promises great success” badr jafar told khaleej times from florida.

john walsh said this agreement marks a new era for port canaveral. “with work on the widening and deepening of the canaveral harbour currently in progress the new container and multi-purpose cargo terminal will further underscore our credentials as one of the most important economic engines for our region” he said.

under the terms of the agreement gulftainer will strengthen the terminal through a 100 million investment in infrastructure equipment and locally-sourced human capital.

the new container and cargo terminal is expected to contribute more than 630 million to florida’s economy 280 million in revenue to port canaveral and generate more than 350 million in tax contributions.

“by bringing gulftainer’s uae-grown expertise and global relationships to port canaveral we aim to create a new efficient and secure gateway for goods entering and leaving the southern atlantic coastline of america” jafar said. he said gulftainer would work with the canaveral port authority to provide opportunities to the local economy by investing in infrastructure processes and people.

walsh said the arrival of larger ships and increased cargo handling will add significant value to florida’s economy. he said ports operated by gulftainer are ranked first in europe middle east and africa and third globally in productivity by the journal of commerce port productivity report 2013.

“we are confident of its ability to create tangible returns for port canaveral in a short span of time” he said.

canaveral port authority commission chairman tom weinberg the decision to grant the concession to gulftainer has been taken after careful consideration and due diligence.

“this is a true game-changer that will strengthen our cargo operations” he said.

the sharjah-based gulftainer operates and manages ports and logistics businesses in several countries in the middle east as well as in brazil and turkey. it has recorded a consistent growth over the past decade averaging over 12 per cent compared to global market growth of 8.6 per cent during the same period. in 2012 gulftainer’s terminal at khorfakkan was the fastest growing trans-shipment hub in the world recording 28 per cent growth.

— muzaffarrizvikhaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Nov 24 2014 - Pharrell joins line-up for New Years Eve bash in DubaiKhaleej Times
(MENAFN - Khaleej Times) The multiple Grammy award winner is just one of a handful of artists set to take part in the show that will be broadcast live to more than 130 countries. It’s fair ...

 Nov 24 2014 - UAE- Why Aniston is one up on Kim KardashianKhaleej Times
(MENAFN - Khaleej Times) Aniston who posed nude for Rolling Stone magazine in 1996 says I was an original. Shunning the hype around reality TV star Kim Kardashian’s derriere picture Jennifer ...

 Nov 24 2014 - UAE- Football legend Gary Lineker on playing presentingKhaleej Times
(MENAFN - Khaleej Times) England football ace Gary Lineker reveals his tricky transition from playing to presenting and why hes envious of the modern game. As an English person meeting Gary ...

 Nov 24 2014 - Algerian Prime Minister Leaves DohaQatar News Agency
(MENAFN - QNA) Algerian Prime Minister Abdelmalik Sellal left Doha on Monday, wrapping up an official visit to the country.      Sellal was seen off upon departure at Doha International Airport by ...

 Nov 24 2014 - Oman Oil subsidiaries sign USD44.15m deals with SMEsMENAFN
(MENAFN) Oman Oil Company's (OOC) said that its subsidiaries and affiliates have signed 35 contracts with local Small and Medium Enterprises (SMEs), with an estimated worth of USD44.15 million, Times ...

 Nov 24 2014 - Kuwait's exports of crude oil to China hit 27.8 percent growth in OctMENAFN
(MENAFN) Kuwait's crude oil exports to China grew 27.8 percent in October from a year earlier to 986,000 tons, equivalent to around 233,000 barrels per day (bpd), data showed, QNA reported.Kuwait's ...

 Nov 24 2014 - GCC petrochemical revenue hits USD89.4b In 2013MENAFN
(MENAFN) According to the Gulf Petrochemicals & Chemicals Association (GPCA), GCC's petrochemical industry posted USD89.4 billion in revenue in 2013, increasing by USD6 billion compared with 2012's ...

 Nov 24 2014 - Oman considers spending cuts, raising taxMENAFN
(MENAFN) Oman's government is reportedly considering spending cuts and raising taxes, including the tax on liquefied natural gas exports, as the Gulf country attempts to deal with the drop in its ...

 Nov 24 2014 - Qatar's Rolls Royce sales up 37 percent in Q3MENAFN
According to Rolls Royce, Qatar has become the fastest growing market for the car manufacturer in the Middle East, after it has registered an increase by 37 percent in sales during the July-September ...

 Nov 24 2014 - Saudi quarry production to reach 327m in 2014MENAFN
(MENAFN) The GCC construction sector has been steadily growing for the last two decades led by the United Arab Emirates (UAE) and Saudi Arabia, which resulted in Saudi deciding to increase its quarry ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help