DP World, Direct Russian Investment Fund set up joint venture in Russia

DUBAI, 22nd January, 2016 (WAM)--Dubai-based port operator DP World and the Russian Direct Investment Fund have launch of a joint venture to develop ports, transportation and logistics infrastructure in Russia. Announced on Thursday and signed on the sidelines of the World Economic Forum in Davos, Switzerland, the deal will give DP World an 80 percent stake in the new company, while the Russian government-backed fund will hold the remainder. The company will be called DP World Russia and over time could invest $2 billion to upgrade port infrastructure in different parts of Russia. DP World is one of the world's largest seaport operators. It is backed by Dubai's government and operates the Mideast's busiest port in the Gulf commercial hub. Sultan Ahmed bin Sulayem, Chairman of DP World said Russia is an attractive market with a long-term growth potential. "This joint venture is an exemplary strategic partnership model." He added that the Russian Investment Fund has record of successful investment partnerships with international companies, expressing his satisfaction about the DP World partnership with the Russian Fund. – Emirates News Agency, WAM - http://www.wam.ae/en/news/emirates/1395290600874.html