Dubai's DPWorld, one of the world's largest container-port operators, said June 13 it plans to invest $500 million in a new container terminal in the northeastern Chinese city of Tianjin.
DPWorld said it met with a visiting delegation from Tianjin municipality and signed a letter of intent with the Tianjin Port Group to develop a terminal being built on a man-made island off the city's coast.
The terminal will have a capacity of 2.2 million TEUs (20-foot equivalent container units) and is expected to be operational by 2011. Tianjin is already home to China's fifth largest container port.
DPWorld, which is controlled by the Dubai government, became one of the world's top three container-port operators following its $6.9 billion acquisition of Britain's Peninsular and Oriental Steam Navigation Co earlier this year.
Copyright Agence France-Presse, 2006