DP World has signed a $1.2 billion agreement with Maspion Group for the development of a container port and industrial logistics park in East Java.
Maspion is an Indonesian conglomerate based in Surabaya, East Java. The Emirati-Indonesian joint venture will be located less than ten miles from the Surabaya Container Terminal, media reports said. The venture will mark the first public-private partnership for Indonesia’s transportation sector involving an FDI partner and a private sector Indonesian company in Maspion.
DP World-developed Maspion International Container Port is expected to commence its commercial operations in the first half of 2022, with a vision to bolster East Java’s infrastructure. The vision is part of President Joko Widodo’s programme to drive economic growth.
DP World CEO and Chairman Sultan Ahmed bin Sulayem, said, “This partnership will be a major addition to our global portfolio and a new step in our ongoing expansion. It will also enhance our continuing commitment to Indonesia, one of the most important world economies.”
The signing of the DP World Maspion agreement was witnessed by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and President Joko Widodo of Indonesia.
It seems that a 360 hectare industrial and logistics park could create an attractive trade landscape for both Indonesian and global businesses. The collaboration is seen as a major development for both parties and it also reflects Maspian’s ongoing expansion, Dr. Alim Markus, President Director and CEO of Maspion said.