DUBAI: DP World and Summa Group have signed a memorandum of understanding to explore investment iopportunities in ports, special economic zones and inland logistics in the Russian Federation.
The partnership will also focus on the development and implementation of cutting-edge freight delivery and port processing technologies, DP World said in a press statement.
The agreement also covers development and promotion of the Asia-Pacific Economic Cooperation (APEC) and Russian Far East transportation corridors, including free ports Vladivostok and Zarubino.
DP World Group Chairman and CEO Sultan Ahmad Bin Sulayem said: “We are always on the lookout for opportunities to collaborate with industry peers. This is one of the many ways in which we grow and develop our expertise, by sharing what lessons we’ve learnt in each of our sectors.
“The Summa Group has been extensively involved in developing trade infrastructure in Russia and elsewhere and we have done the same with a network of 77 operating marine and inland terminals across six continents and other international interests such as DP World Russia, a joint venture company that targets marine, dry ports and logistics infrastructure in the country.
“I am pleased to have entered discussions with the Summa Group on potential areas of collaboration as Russia has always been an attractive origin and destination market for us with huge long term growth prospects.”
Ziya Magomedov, Chairman of Summa Group, said: “We welcome the partnership with DP World, the global leader in port infrastructure and management, to develop the free trade zones in Russia, CIS and beyond ... I am confident that together we will also implement and deploy such high-tech solutions that will help transform these trade corridors and the transport and logistics arena as a whole.”
The Summa Group is a diversified private holding with significant investments in the port logistics, engineering, construction, telecommunications, and in the oil and gas sectors.
