Saudi logistics operator DP World will invest $414.8 million in building fourth berth at its London Gateway hub, aiming to boost its capacity for large vessels, ME Construction News reports.
The London Gateway is a port operated by DP World within the wider Port of London and it was opened in 2013.
Sultan Ahmed bin Sulayem, the chairman of DP World, said that London Gateway’s fourth berth, as a central pillar of Thames Freeport, will allow even more customers to benefit from world class ports and logistics. He also hopes that it’ll put the company at the heart of Britain’s trading future.
The construction of the fourth berth, a parking space for a ship, will begin in October, will increase capacity at the port by a third and will add $415m investment on the $2.76bn in funds that DP World has funnelled into Britain over the last decade.
The development plans will help London Gateway to cope with a 23% increase in throughput in the first half of a year compared to the same period in 2020, and its completion will coincide with the delivery of a new wave of 24,000 TEU vessels in 2023/2024 operated between Asia and Europe.
According to the British chancellor Rishi Sunak, said that DP’s investment will create new trade opportunities and support local jobs, while supporting at the same time the goal of the Thames Freeport to attract investment for the UK and to create national hubs of trade, innovation and commerce.
He was guest of honor at Thursday’s commercial launch of Thames Freeport, which is made up of and the DP World London Gateway, the Port of Tilbury and Ford’s Dagenham plant.
British government has awarded Thames Freeport earlier this year with freeport status with partners currently progressing the process of receiving formal accreditation.
In addition, DP World Southampton further cemented the critical role of both logistics hubs in the UK’s international trade being awarded freeport status as part of Solent Freeport.