Mediterranean Shipping Company (MSC) has signed a 30-year concession agreement with Abu Dhabi Ports to set up a new container terminal at Khalifa Port.
Under the agreement, MSC is expected to make a total investment of AED4bn ($1.08bn) in the development of the new terminal including upgrading of port infrastructure and deepening the berths.
Khalifa Port will be capable of handling the world’s biggest vessels upon completion of the project.
Abu Dhabi Ports expects the handling capacity of Khalifa Port to be increased to 8.5m teu from the current 2.5m teu over five years.
“This agreement comes with multiple strategic benefits to customers and companies working shipping and logistics, including faster and more efficient services, easier access to more markets in the region and the world,” said Captain Mohammad Juma Al Shamisi, CEO of Abu Dhabi Ports.
“We are confident that with this investment we will continue to ensure a high level of service for our customers and have the capacity to grow the scale of our operations in the UAE,” said Diego Aponte, president and CEO of MSC.