Abu Dhabi Ports has announced the signing of a container terminal concession agreement with Cosco Shipping Ports, the port terminal arm of China Cosco Shipping Corporation.
Under the agreement, Cosco Shipping Ports is establishing a joint venture company in 2016 to operate the new Khalifa Port Container Terminal 2 in Khalifa Port. The joint venture company will be entitled concession rights of Khalifa Port Container Terminal 2 for a span of 35 years, with a renewable period of 5 additional years. Cosco Shipping Ports will have the controlling stake in the joint venture company.
The first phase of the terminal will commence operation in the first half of 2018 and the second phase in 2020.