Sharjah-based port operator, Gulftainer, has facilitated the signing of a sister port agreement between the Department of Seaports & Customs of the Government of Sharjah and the Diamond State Port Corporation (DSPC), owned by the State of Delaware in the USA. Under the terms of the partnership, the two entities will cooperate in the development of international trade and logistics activity, exchange information and build mutually beneficial commercial, technological and cultural relationships to mutual benefit. The agreement also enables private companies within the catchment area of the respective port authorities to collaborate in trade and investment matters.
The signing took place following the official handover of Delaware’s Port of Wilmington from the DSPC to Gulftainer, which will operate and develop the port over a 50-year concession period. The company plans to invest around US$580 million in enhancing and expanding the cargo terminal capabilities of the US Atlantic Coast port, including the construction of a new 1.2 million teu terminal container facility at DuPont’s former Edgemoor site that DSPC acquired in 2016. This landmark deal represents the largest investment ever by a private UAE company in the USA.
His Excellency Sheikh Khaled bin Abdullah bin Sultan Al Qasimi, Chairman of the Department of Seaports & Customs, Sharjah Airport International Free Zone and Hamriyah Free Zone Authority, and Jeffrey Bullock, Secretary of State of Delaware, signed the agreement at the Sharjah Chamber of Commerce. Peter Richards, Group CEO of Gulftainer, and members of the senior leadership team from the Gulftainer group also attended the ceremony.