Sharjah-based port operator Gulftainer is planning to invest $500m over two years as it expands in Russia and Saudi Arabia, Bloomberg has reported. The company, which operates the Russian port of Ust-Luga south of St Petersburg, aims to announce further expansion in the country before the end of the third quarter, vice-chairman Badr Jafar said. "We're in talks with a number of parties in Russia, with the government, with private companies. Expansion is not necessarily new ports, but related logistics including in-land container depots, potentially rail," he said. The company seeks to enter Saudi Arabia, the world's biggest Arab economy, to capitalise on opportunities created by increased public spending, Jafar added.