Vibrant Gujarat Global Summit: UAE's DP World Signs MoUs Worth $3 Billion With Indian State Government

Emirati multinational logistics company DP World signed multiple Memorandums of Understanding (MoUs) worth INR 250 billion (about $3 billion) with the Indian state Gujarat to develop new ports, terminals and special economic zones (SEZs) in India.

DP World Group Chairman and CEO Sultan Ahmed bin Sulayem signed the MoUs with additional Chief Secretary, Government of Gujarat M K Das during the Vibrant Gujarat Global Summit 2024, held in Gandhinagar city from Wednesday to Friday.

Under the MoUs, DP World will develop multi-purpose deep-draft ports in South Gujarat and around the western coast of Gujarat towards Kutch. It will also develop SEZs in Jamnagar and Kutch alongside Gati Shakti Cargo Terminals and Private Freight Stations at Dahej, Vadodara, Rajkot, Bedi and Morbi.

DP World, which has been operating in Gujarat since 2003, also signed an agreement with the Gujarat Maritime Board to develop additional ports along the coast of Gujarat.

"In that time, we invested almost $2.5 billion and we are going to invest more in the next 3 years in these projects. The policies of the government and our experience here is what gives us the confidence to do even more in India," Ahmed bin Sulayem said as per WAM reported.

The existing investments of DP World in Gujarat include a container terminal in Mundra, along with rail connected private freight terminals at Ahmedabad and Hazira. In August 2023, DP World signed a $510 million concession agreement with the Deendayal Port Authority to develop, operate and maintain a new 2.19 million TEU per year mega-container terminal at Tuna-Tekra in Kandla.

"...We are honored to continue our partnership in the state by committing to strengthening its logistics and maritime infrastructure to further enable trade in Gujarat," Ahmed bin Sulayem added.

Meanwhile, the UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi said the presence of President of the UAE Sheikh Mohamed bin Zayed Al Nahyan's presence during the event underscores the importance the UAE leadership attaches to the bilateral relationship between the two countries.

"The two friendly countries continue to work together to explore the limitless opportunities provided by the UAE-India CEPA. The Vibrant Gujarat Global Summit is an important platform for discussions, communication, and exchange of knowledge and expertise," he added.

Al Zeyoudi, who led the UAE economic delegation to participate in the 2024 Vibrant Gujarat Global Summit, also held a meeting with the Minister of Commerce and Industry in India Piyush Goyal to discuss ways to enhance trade and investment cooperation between the UAE and India. He also met the Chief Minister of Gujarat Bhupendrabhai Patel.

In addition, the UAE Ministry of Economy, along with the UAE Embassy in New Delhi and the Confederation of Indian Industry, organized the UAE-India Business Summit on the sidelines of the Vibrant Gujarat Global Summit, which was attended by a number of ministers and officials from the two countries.