DP World, the leading provider of smart supply chain logistics, alongside its partner Caisse de dépôt et placement du Québec (CDPQ), a global investment group, have signed a long-term agreement with Indonesia’s leading conglomerate Maspion Group to start the construction of an international container port and industrial logistics park in Gresik.
Work on the projects is expected to begin in the third quarter of 2021, with a total investment of up to $1.2 billion, enhancing East Java’s position as a key trade gateway for Indonesia.
The signing ceremony was held on Saturday in the presence of Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, and Luhut Binsar Pandjaitan, Indonesia’s Coordinating Minister for Maritime and Investment Affairs, in Jakarta at the ''Indonesia-Emirates Amazing Week 2021'' which was held under the theme ''Building Path Towards Economic Recovery''.
The signatories of the formal agreements were Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, and Chairman and CEO of Maspion Group Dr. Alim Markus.
Under the agreement, a joint venture company will be established between DP World and CDPQ’s global investment platform and Maspion Group, the first of its kind in the Indonesian transportation sector involving a foreign direct investor (FDI) partner and a private sector Indonesian company.
DP World Maspion East Java will become the sole operator of a modern international container port with design capacity of up to three million twenty-foot equivalent units (TEU).
DP World and CDPQ will also work with Maspion Group to develop an integrated industrial and logistics park, adjacent to the Container Terminal, with an initial land area of 110 hectares with scope for future expansion.
The Park will provide world-class trade environment for domestic and international businesses to help drive economic growth and create jobs.