DP World expands into Spain

The transaction has received approval from the Tarragona Port Authority and is currently seeking European Union regulatory clearance. The price was not disclosed.

Tarragona Port which handles 100% origin and destination cargo is located on the Mediterranean near Barcelona serving the hinterland of northern and central Spain.

Tarragona has the potential to expand and to attract cargo seeking alternatives to nearby ports.

Following a meeting in Dubai between DP World Chairman Sultan Ahmed bin Sulayem and His Majesty the King of Spain, DP World accelerated their effort to expand their portfolio into Spain to serve Spanish customers and develop shipping links between Spain and DP World's largest port in Dubai, in the Middle East leading to increased trade between the two regions.

DP World Chairman, Sultan Ahmed bin Sulayem said:

"Tarragona is an exciting addition to DP World's global portfolio with considerable growth potential. We are looking forward to building a closer relationship with Spain to serve customers across the region as well as increasing the trade between the Middle East and southern Europe."

DP World CEO Mohammed Sharaf said: "Tarragona is very well-placed to service a large market; the city has recently attracted investment from major multi-national distributors, attracted by its established infrastructure links. Operating the port in Tarragona will allow us to provide further, quality services for our customers in the Mediterranean and create an efficient, modern gateway for this rapidly growing region."

Flemming Dalgaard, Senior Vice President and Managing Director of Europe and Russia said, "Tarragona has great potential for future growth, with room for expansion, a deep water draft and excellent direct road and rail connectivity to both Barcelona and Madrid."