DP World reviews 12 projects

03 February 2010

Ports operator delays construction of third terminal at Jebel Ali

Dubai-based ports operator DP World is reviewing all 12 of its planned projects, including the third terminal at Jebel Ali port, according to a company spokeswoman.

None of the projects have yet been shelved but they are all being reviewed and development will only go ahead in line with market demand, added the spokeswoman. She was speaking at MEED’s Middle East Ports 2010 conference in Dubai on 1 February.

In March 2009, the ports operator announced that construction work on the third terminal at Jebel Ali would be delayed by a year (MEED 01:03:09).

The work was to be split into two packages: one for dredging and reclamation of an island where the terminal is to be built, and a second package involving civil works and 2.2 kilometres of quay walls.

The spokeswoman says she is not able to estimate when work on terminal three might start.

In January, DP World said it was seeking a secondary listing of its shares on the London Stock Exchange, in an attempt to improve the valuation of its shares. The company hopes to complete the listing in the second quarter of 2010.

DP World is already listed on the Nasdaq Dubai.

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