Sultan Bin Sulayem reaffirms commitment to Kulpi Port
The Chairman of Dubai World, Sultan Ahmed Bin Sulayem, said today that Dubai World was committed to the Indian state of West Bengal’s development and to being involved long term in the progress of the important Indian economy as part of its global growth strategy.
Speaking on his visit to the state capital Kolkata, Mr Bin Sulayem said Dubai World is keen on pursuing investment opportunities in India and reaffirmed his commitment to the Port of Kulpi, being developed by Dubai World’s marine terminal operating company DP World.
The Dubai World Chairman, who is visiting Kolkata at the invitation of the West Bengal Government, will meet the Chief Minister Buddhadeb Bhattacharya and his top aides today (Sunday January 7) to discuss among other things the Kulpi Port project.
He is accompanied by Mohammed Sharaf, CEO, DP World, and other senior officials.
Mr Bin Sulayem emphasised the warm relationship between the UAE and India: ‘India is a vibrant economy and we at Dubai World believe the close relationship between our two countries forms a strong base on which long term business commitments can be built. This visit underlines our determination to be a partner in the state’s development. We are also looking forward to exploring other investment opportunities in India as part of our global growth strategy.’
Mr. Bin Sulayem’s visit to West Bengal comes after a high-level delegation from the state visited Dubai in early December, following which the Chief Minister extended a personal invitation to the Chairman of Dubai World.
The Dubai World team’s two-day visit includes a tour of the Kulpi port, 60 km downriver from Kolkata, and other key sites, including the hill station of Darjeeling.
DP World CEO Mohammed Sharaf said: ‘India has enormous potential for growth and we are pleased to be involved in developing the infrastructure that will help realise that potential. The Kulpi port is an important link in our global network of terminals and will help India’s businesses grow through the efficient provision of quality container handling services.’
The DP World development of Kulpi Port will include all-weather port facilities, a ship-breaking yard, and an industrial park, all integrated in a single hub. The marine terminal will have a 450-metre quay and handling capacity of 650,000 TEU. The first phase of the port development will be completed at the end of 2009.
Kolkata and its surrounding region are currently served by Government run terminals in Kolkata and the nearby port of Haldia.
With annual growth rates in containerized cargo of over 15%, these terminals are becoming capacity constrained. They are also behind locks and therefore, unlike Kulpi, cannot offer direct berthing. The new port will primarily target containerized cargo but will also handle general cargo, and will also contribute to creating jobs in the Indian state.
The special economic zone and port will be spread over 3,000 acres in total of which 300 acres will be used for the port and allied backup facilities and 2,700 acres for the SEZ.
India has 12 major ports and 185 minor ports with a coastline of 7,517 Km. Kulpi Port will add significantly to the volume of traffic on the eastern coast of India.
Ports account for about 95 percent of Indian foreign trade by volume and about 70 percent by value.
