Dubai World announces significant Vietnam MOU

HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai, and Dubai World Chairman Sultan Ahmed Bin Sulayem are currently visiting Vietnam to discuss bilateral relations with President Nguyen Minh Triet and Prime Minister Nguyen Tan Dung.

Sultan Ahmed Bin Sulayem today signed a high level Memorandum of Understanding (MOU) between Vietnamese state-owned Tan Thuan Industrial Promotion Company (IPC) and Dubai World which involves Dubai World's marine terminal company DP World, its free zone and industrial park developer Jafza International and integrated global real estate master developer Limitless in the development of a huge harbour city and port project.

IPC is already a partner in a joint venture with DP World to develop the US$230 million Saigon Premier Container Terminal (SPCT) at Ho Chi Minh City.

The new project at Hiep Phuoc Harbour City consists of a harbour city mixed-use development covering 1,600 hectares and a 1000 hectare industrial park alongside the new port facilities. The new project may also see an additional terminal constructed over time.

Sultan Ahmed Bin Sulayem said: "This is a very exciting project and we are pleased to be involved. It will bring great benefits not only for Ho Chi Minh City but also for the whole South Focus Economic Area. We look forward to working with IPC to explore the potential for this significant development and, in time, investing in its construction."

Hua Ngoc Thuan, Chief Executive of Saigon South and Hiep Phuoc and IPC CEO Phan Hong Quan said:
"This is an important project for this area and will create new opportunities for local people and local businesses, stimulating the economy. Our relationship with Dubai and Dubai World is very strong and, with this new development, set to continue into the future."

The MOU allows Dubai World to conduct research and feasibility studies in order to agree a development plan for the entire area. IPC and Dubai World will form joint task forces to undertake this work.

Meanwhile, a high-level delegation from IPC today visited Jebel Ali Port and Free Zone.
The delegates were received by Mr. Mohammad Sharaf, CEO DP World, and Mrs. Salma Hareb, CEO Jafza and Economic Zones World and other senior officials from Dubai World.

The delegates were briefed on the working of the port, and free zone as well as the current and future projects. Both parties discussed the level of cooperation and ways to enhance it.