First phase of London Gateway port, logistics hub to begin operations 2013 Q4
05 Oct 2011
The world's third largest port operator, DP World, says its first phase of the London Gateway port and logistics hub would begin operations by the fourth quarter of 2013.
It said theis would create 36,000 jobs and contribute up to £3.2 billion to the UK's economy annually.
London Gateway is 25 miles east of London on the north bank of the Thames.
The landmark £1.5-billion port project would have a capacity for 1.6 million TEU (twenty-foot equivalent container units) in the first phase that could save an estimated 65 million road freight miles in the UK with the development of Europe's largest logistic park.
Sultan Ahmed bin Sulayem, chairman of DP World told the media that DP World had committed to make an investment of $1 billion over a period of next three years to develop the unique infrastructure project in the heart of Europe.
He said the funding for the key project had already been completed with the arrangement of long-term loans from international financial institutions.
DP World had been laying the foundations for the new port since early 2010 and had made significant progress on the project with the development of basic infrastructure and relocation of 350,000 animals to new habitant environment.