With more than $1 billion in investment, the port operator will develop Senegal's Ndayane deepwater port.
DP World, the world's largest port operator, has started work on Senegal's Ndayane deepwater port, the company's largest port investment in Africa to date and a project that would strengthen Senegal's position as a key commerce hub and gateway to West Africa.
The first stone was placed by DP World and the Senegalese government to mark the commencement of building on the new Port of Ndayane, the firm stated in a statement.
The development of the Port of Ndayane, which will cost more than $1 billion over two phases, is also the greatest single private venture in Senegal's history, according to the statement.
Senegal's President Macky Sall stated, "With the Port of Ndayane, Senegal will have state-of-the-art port infrastructure that will cement our country's position as a key economic hub and gateway in West Africa." "It will create jobs, boost Senegal's attractiveness to global investors, and open up huge economic potential for local enterprises."
The move comes after DP World and the Senegalese government inked a concession agreement in December 2020 to build and operate a new port at Ndayane, roughly 50 kilometres from the present Port of Dakar. As it strives to tap into lucrative trade routes in the region, DP World has been rapidly extending its footprint in Africa. Egypt, Algeria, Djibouti, Rwanda, Somaliland, Mozambique, and Senegal are among its current investments.
According to the corporation, the infrastructure project highlights growing cooperation between Dubai and African markets aimed at boosting the continent's development.
"We will bring all of our expertise, technology, and competence to this port project, whose completion will help Senegal's development over the next century," said Sultan bin Sulayem, DP World's group chairman and CEO.
The port's first phase will comprise a container terminal with an 840-meter quay and a new 5-kilometer marine channel capable of handling two 336-meter boats simultaneously and the world's largest cargo vessels.
It will add 1.2 million Twenty Foot Equivalent Units (TEUs) to its annual container handling capability.
A 410m extra container dock will be built in the second phase.
DP World also wants to build an economic and industrial zone near the port and the Blaise Diagne International Airport, resulting in an integrated multimodal transportation, logistics, and industrial centre, according to the company.
DP World teamed up with the CDC Group, a UK-based development finance institution and impact investor, to launch a $1.7 billion investment platform for Africa. DP World said it will invest in origin and destination ports, inland container depots, economic zones, and other logistics across Africa to boost trade, create new jobs, and improve access to the necessary goods.