DUBAI
Dubai ports operator DP World and the National Investment and Infrastructure Fund (NIIF) have signed a Memorandum of Understanding (MoU) to develop the logistics sector in India, according to a statement from the UAE company on Thursday.
The announcement states that the agreement comes as a result of the visit to India in February 2016 of His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces of the United Arab Emirates, and Sultan Ahmad Bin Sulayem, DP World Group Chairman and CEO.
DP World announced at the time that it was seeking opportunities in the country worth over $1 billion over the next few years. This will be aimed at development of port infrastructure of the Sagarmala project, creation of the Delhi — Mumbai Industrial Corridor, river transportation and cold chain storage, investing in port-led special economic zones, free trade zones, ICDs and cruise terminals.
