DUBAI: Dubai Ports World (DP World) announced on Thursday its agreement to acquire Maher Terminal's Fairview Container Terminal (Fairview) in Prince Rupert, British Columbia, Canada from Deutsche Bank. Fairview presents growth opportunity in a market with attractive and growing demand, a DP World press release said.
Fairview is a purpose built terminal with an efficient sea-rail link and has a current capacity of 850,000 TEU (twenty-foot equivalent container units), with a just-announced Phase 2 expansion that will take capacity to 1.35 million TEU. The concession period runs to 2034 with an extension to 2056 after the completion of Phase 2.
Chairman of DP World Sultan Ahmed Bin Sulayem said DP World Limited has been a significant investor in Canada, as operator of the CENTERM terminal in Port Metro Vancouver, adding the transaction will provide significant benefits to Canada, including to the Province of British Columbia, to the City of Prince Rupert, to First Nations communities, and to importers, exporters and consumers, including implementation of the phase 2 expansion expected to be completed in the first half of 2017, which will add capacity and efficiency to Canada's Asia-Pacific Gateway and Corridor.
QNA
