DP World Secures Funding for Mega Container Terminal in Gujarat, Strengthening UAE-India Ties

 

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Also read :DP World Secures Funding for Mega Container Terminal in Gujarat, Strengthening UAE-India Ties

The relationship between India and the United Arab Emirates (UAE) is flourishing on the economic front, with a recent deal solidifying this growth. Dubai-based port operator DP World secured a massive loan of 35 billion rupees ($422.23 million) from two Indian lenders to construct a state-of-the-art container terminal in Gujarat, a western province in India. This development comes on the heels of other successful initiatives like the India-Middle East-Europe Economic Corridor, which has fostered a vibrant trade environment between the two regions.

Also read :UAE and Kenya Forge Economic Partnership for Growth

The new terminal, estimated to cost around 42.22 billion rupees ($510 million), will be built at Tuna Tekra in Deendayal Port. The National Bank for Financing Infrastructure and Development (NaBFID), an Indian government-backed infrastructure bank, and Axis Bank, headquartered in Mumbai, will jointly provide the loan. This marks NaBFID's first foray into funding the port sector since its establishment in 2022.

This landmark deal signifies a deepening economic partnership between India and the UAE. DP World's investment in Gujarat's port infrastructure will not only enhance India's cargo handling capacity but also create significant job opportunities. The collaboration between Indian financial institutions and a leading UAE company paves the way for future joint ventures and strengthens the economic ties between the two nations.

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