DP World to invest $90m to upgrade Angola's Port of Luanda
Global ports operator DP World has been granted a 10-year extension to its concession to operate the multipurpose terminal at the Port of Luanda in Angola, as the company continues to expand in Africa. The Dubai-based firm will also be investing $90 million in the next two years to upgrade infrastructure at the terminal, DP World said on Tuesday. As part of the new investment, the ports operator…
DP World, a global ports operator based in Dubai, has secured a 10-year extension to its concession to manage the multipurpose terminal at Angola's Port of Luanda. The company, which is expanding its presence in Africa, announced on Tuesday that it will invest $90 million over the next two years to upgrade the terminal's infrastructure.
This investment aims to increase the terminal's capacity to accommodate over 1.2 million twenty-foot equivalent units (TEU) from its current 500,000 TEU. The expansion will include an extension of the terminal's quay by 222 meters and an additional 10 hectares of operating area. The acquisition of three ship-to-shore cranes and 12 semi-automated gantry cranes will enable the terminal to handle two "Post-Panamax" ships simultaneously, which are larger vessels exceeding the original Panama Canal lock limits.
Mohammed Akoojee, DP World's chief executive and managing director for Africa, highlighted the significance of this expansion for both Angola and the wider region, stating that it will support new shipping services and strengthen the terminal's role as a gateway for West and Central Africa. Paco Pinzon, DP World's chief executive for Luanda, emphasized that the extension of DP World's concession until 2051 demonstrates the company's long-term commitment to Angola and its potential as a leading regional trade gateway.
Since beginning operations in Angola in 2021, DP World has invested more than $260 million in upgrading and modernizing the Luanda terminal. The expansion of the port is expected to benefit the entire logistics ecosystem, strengthening regional connectivity and supporting economic growth in Angola. DP World operates ports and terminals in 10 locations across Africa, employing 34,000 people, and has established a presence in six continents with a workforce of over 125,000.
In August, the company revealed plans to invest $3 billion in expanding its operations in Asia, Africa, and the UAE. The project includes the development of two new deepwater terminals in Fujairah, UAE, to bypass the Strait of Hormuz, which remains closed due to the Iran war. DP World is also investing in the Democratic Republic of Congo, India, and Saudi Arabia as part of its expansion strategy.
Recently, the company explored two major port and economic zone projects in Nigeria spanning 10,000 hectares, which are expected to create 50,000 jobs.
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