Less than a year after DP World was awarded a 20-year lease to manage, operate and modernise the multipurpose terminal at the Port of Luanda, the government of President João Lourenço has signed a memorandum of understanding (MoU) with the Dubai-based logistics multinational.
Announced ahead of the company’s first anniversary on March 1 as a service provider for the port, the MoU includes an initial investment of $190 million.
This will enable the transformation of the terminal in keeping with cargo volume projections for Angola's principal port.
Following the recent signing ceremony of the MoU, DP World CEO Sultan Ahmed Bin Sulayem said: “Alongside the multipurpose terminal there is still tremendous opportunity to further develop and integrate the country’s logistics and trade infrastructure.”
Elaborating on the country’s economic benefits through DP World’s growing involvement with the port, Bin Sulayem added that “the Angolan government has an ambitious plan for this sector, and through this MoU our primary objective is to find ways in which we can support the country to significantly maximise its strategic location and increase trade flows domestically and in the surrounding areas”.
The strengthening of logistical ties between Angola and DP World came on the back of operational efficiencies improving threefold since the Emirati entity’s involvement as concessionaire for the Port of Luanda, a company statement said.
