DP World dips, starts $850m construction of terminal 3 at Jebel Ali port
- United Arab Emirates: Monday, October 29 - 2012 at 15:18
The FTSE NASDAQ Dubai UAE 20 Index closed at 1798.20 Monday, down 0.10%, from the previous close, performing a double-top. The world's third largest maritime port operator Dubai Ports (DP) World fell 1.16% to close at $11.61. DP World said Sunday works to expand terminal 2 at the headquarter port Jebel Ali were on schedule and that construction of the new $850m terminal 3 started. With the expansion of Jebel Ali port, its total capacity will increase to 19 million twenty foot equivalent container units (TEU) from the current 15 million TEU. Terminal 2 is expected to be completed in the first half of 2013, while terminal 3 is planned to be ready for port operations in 2014. "We are building to ensure that Dubai and the free port Jebel Ali Port continue to efficiently meet the needs of the shipping lines and traders serving the wider region of two billion people," said Sultan Ahmed Bin Sulayem, the Chairman of DP World, who visited the construction site earlier in the day to monitor progress.
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