Sultan Ahmed Bin Sulayem, Chairman DP World, said:
'This is important news and we are delighted with the UK Government's continued support. London Gateway is unique because of its scale and location. It involves the construction of a world-class port, and the UK's largest logistics and business park - all on a brownfield site within close proximity to London and the major markets in the South East.'
London Gateway Port and Park will be developed at Shell Haven, a 1,500 acre site in Thurrock, Essex. As previously estimated, DP World believes the cost of development on the site is likely to be approximately £1.5bn, to be invested over a 10 to 15 year development timeframe.
Mohammed Sharaf, CEO DP World, said:
'London Gateway was a compelling factor in our acquisition of P&O, as we had already identified the potential of these projects in the heart of one of Europe's largest consumer economies. DP World has significant global experience of precisely this type of development, and of this size and scale. We are ideally placed to ensure the success of the projects, and to deliver the benefits to our customers, businesses in the UK, and to the local community alike.'
Simon Moore, Chief Executive of London Gateway, added:
'We are delighted with today's news which resolves a number of previously outstanding issues and clearly moves the projects a step forward. With our partner, Shell, and the relevant third parties we will now begin work immediately on those considerations which have been detailed in the communications so that we can secure final approval and progress these exciting projects. We are looking forward to playing our part within the local community and delivering a significant contribution to the Government's wider Thames Gateway regeneration programme.
'The development of London Gateway will meet an identified national need, as reconfirmed by the Government in this communication, and allow the UK to continue to attract the largest vessels in the world, thereby keeping the UK directly connected with global trading partners, as well as providing increased choice to the market.'
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Posted by Anne-Birte Stensgaard, Senior News Editor


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