Global container terminal operator DP World has launched a joint venture with the Russian Direct Investment Fund (RDIF) that will spend up to $2bn upgrading port infrastructure and connectivity in Russia.
The joint venture (JV) company, DP World Russia, will be held 80% by DP World and 20% by RDIF and will target marine, dry ports and logistics infrastructure.
The JV aims to improve trade connections between Russian businesses and consumers, DP World said.
Sultan Ahmed Bin Sulayem, DP World’s chairman, and Kirill Dmitriev, CEO of RDIF, signed a document outlining the JV’s key terms and principles on the sidelines of the World Economic Forum in Davos, Switzerland.
“Russia has always been an attractive origin and destination market for us with huge long-term growth prospects,” said Sultan Ahmed Bin Sulayem in a statement today.
“This joint venture allows DP World and RDIF to build on each other’s strengths in bringing economic prosperity to Russia. It is also another great example of the strategic partnerships with government stakeholders, a model that has proven very successful for us over the years.
“Ports and logistics infrastructure are long-term investments and this is why, when we invest, we prefer an approach that recognises the benefits of sharing resources for a common purpose.”
