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 will expand the terminal's capacity to more than 1.2 million twenty-foot equivalent units from the current 500,000 TEU.
Under the expansion, the terminal’s quay will be extended by 222 metres and the operating area by 10 hectares. The acquisition of three ship-to-shore cranes and 12 semi-automated gantry cranes will enable the terminal to accommodate two “Post-Panamax” ships simultaneously. These are wide vessels that exceed the maximum limit of the Panama Canal's original locks.
“The expansion of DP World Luanda is an important milestone both for Angola and for the wider region,” said Mohammed Akoojee, chief executive and managing director for Africa at DP World. “The ability to handle larger vessels will support new shipping services and strengthen the terminal’s potential as a gateway for West and Central Africa.”
Since commencing operations in Angola in 2021, DP World said it has invested more than $260 million in upgrading and modernising the Luanda terminal.
“Having our concession extended to 2051 demonstrates our long-term commitment to Angola and its future as a leading regional trade gateway,” said Paco Pinzon, chief executive of DP World Luanda.
The expansion of the port will benefit the entire logistics ecosystem to help strengthen regional connectivity and support economic growth in Angola, he added.
DP World operates ports and terminals in 10 locations and has 35 freight forwarding offices, employing 34,000 people across Africa. Globally, it operates in six continents with a workforce of more than 125,000.
The company in August revealed plans to invest $3 billion to expand its operations in Asia, Africa and the UAE.
In the Emirates, it is developing two new deepwater terminals in Fujairah to help vessels bypass the Strait of Hormuz as the key waterway in the Arabian Gulf remains virtually closed amid the Iran war. The project is to be developed in phases, within a 30-month time frame.
DP World is also investing in the Democratic Republic of Congo, India and Saudi Arabia as part of its expansion plans.
Last week, the company said it was exploring two major port and economic zone projects in Nigeria spanning 10,000 hectares that are expected to create 50,000 jobs.
