UAE-based global port operator Gulftainer announced its subsidiary GT USA has signed an agreement with the State of Delaware to take charge of the Port of Wilmington for 50 years.
As part of the agreement, Gulftainer will receive access to one of the significant marine ports in the US, reported Arabian Business.
John Carney, Governor of Delaware, said: “With Gulftainer’s proposal, we have an opportunity to develop the overall infrastructure and potential of the port, which can lead to a direct and significant impact on our economy as a whole.”
In the next nine years, the operator plans to invest US$580mn in the port. Of the investment US$410mn for a new 1.2mn TEU container facility at DuPont’s former Edgemoor site acquired by the Diamond State Port Corporation in 2016.
Wilmington Port began its operations in 1923 as the first major port on the Delaware River. Gulftainer will develop the cargo terminals’ capabilities and boost the productivity of the port during its period.