DP World will manage the project’s implementation and invest in physical and electronic assets to transform the port.
The Romanian Government has entered an agreement with DP World and Dubai’s Ports, Customs, and Free Zone Corporation (PCFC) for the modernization of the Port of Constanta.
The agreement will support the development of new infrastructure at the Romanian Port, which serves as a crucial gateway for trade into Eastern Europe.
The aim is to make it one of the key cargo and vehicle hubs on the Black Sea.
To increase cargo vessel traffic at the port, the Ministry of Transport and Infrastructure plans to build a new Roll-on/Roll-off (Ro-Ro) terminal.
PCFC and DP World will work together to upgrade the Pier II-S infrastructure at the port.
DP World will be responsible for the project’s implementation. The company will also invest in physical and electronic assets to transform Constanta into a major centre for imports into Europe.
DP World Group chairman and CEO Sultan Ahmed Bin Sulayem said: “We are proud of the confidence that the government of Romania continues to show in us and look forward to delivering a world-class, integrated supply chain solution that will enhance Constanta Port and Romania’s position in the region.
“This agreement is a testimony to the strength of the relationships we build with our partners around the globe.”
As part of a concession contract, which is valid until 2049, DP World already operates the Constanta South Container Terminal (CTST), which has an annual capacity of 1.5 million twenty-foot equivalent units (TEU).
Furthermore, the company intends to construct a new road-rail intermodal terminal at Aiud in Romania. It is anticipated to start operations in the first half of next year.
In January, DP World began the construction of a $1.13bn deep-water port in Senegal.
DP World Honours the Owner of the World’s Largest Dhow
On the other hand, DP World honoured Majid Obaid Al Falasi for his efforts in building the world’s largest wooden Arabic dhow, and encouraging the revival of the UAE’s traditional dhow trade.
The Obaid, a 92-meter-long dhow, standing at a height of more than 11 meters, was hand-built by Majid Obaid Bin Majid Al Falasi & Sons, a family-run shipyard in Dubai.
The vessel was built with 1,700 tonnes of African teak and 800 tonnes of steel, making it larger and stronger than conventional wooden dhows and capable of carrying four times more cargo.
Thanks to its twin 1,850-horsepower engines, the Obaid can move its cargo sail at up to 14 knots. The vessel carries out import and export operations via Dubai Creek, Deira Wharfage, and Mina Al Hamriya.
Digitizing a traditional trading process
DP World has been at the forefront of enabling the progress of the region’s dhow trade. In 2020, DP World launched the NAU digital marketplace, allowing the traditional dhow trade process to be entirely digitized for the first time ever.
The NAU mobile app connects dhow owners with traders allowing them to search, negotiate, and book shipments. The application also utilizes artificial intelligence to help captains plan their trips, and optimize efficiency in dhow space utilization, thus enabling them to generate higher revenues.