The French land at Khalifa Port
The Marseille-based carrier CMA CGM and the Abu Dhabi Ports Group (ADPG) have inked a 35-year concession to jointly develop a new container terminal at Khalifa Port. The French company is the major player in the joint venture, holding 70% via its port and terminal branch CMA CGM Terminal, while the remaining 30% is owned by ADPG.
The investment plans for the first phase amount to USD 154 million, with the construction of an 800 m quay with an annual handling capacity of 1.8 million teu. Construction will begin by the end of this year, with operations expected to start in 2024.
CMA CGM is in good company, with other big carriers like MSC and Cosco having already decided to enter into JVs for terminals in cooperation with ADPG.
Mohammed Juma Al Shamisi, CEO of ADPG, commented that “the addition of another worldwide shipping group will make Khalifa Port a hub for three of the world’s top four shipping companies. (cd)