Gulftainer Secures 50-Year Concession for US Port of Wilmington

Gulftainer, the largest privately-owned independent port operator in the world, headquartered in the United Arab Emirates (UAE), has announced that its subsidiary GT USA has inked an agreement on terms with the State of Delaware, USA, which would grant GT USA exclusive rights to operate and develop the Port of Wilmington for 50 years.

Terms of the agreement are to be formally approved by Diamond State Port Corporation Board and the Delaware General Assembly within the next month, followed by the formal review by the Committee for Foreign Investment in the United States (CFIUS).

The new agreement provides Gulftainer access to one of the most strategically located marine ports in the US, situated only a four-hour voyage from the Atlantic Ocean. GT USA’s concession includes the full management and development of the Port’s existing container volumes of 350,000 TEUs per year, which is forecasted to more than double in the years to come as a consequence of this deal.

Over the next nine years, Gulftainer is planning to invest $580 million in the port, including approximately $410 million for a new 1.2 million TEU container facility at DuPont’s former Edgemoor site, which was acquired by the Diamond State Port Corporation in 2016. During this period, the company will fully develop all the cargo terminals capabilities and enhance the overall productivity of the port.

John Carney, Governor of Delaware, emphasized: “With Gulftainer’s proposal, we have an opportunity to develop the overall infrastructure and potential of the port, which can lead to a direct and significant impact on our economy as a whole.”

Badr Jafar, CEO of Crescent Enterprises and Chairman of Gulftainer’s Executive Board, said: “For over 40 years, and as the oldest container operator in the Gulf Region, Gulftainer has been at the forefront of transforming port and logistics operations across four continents. We are honoured and excited to extend this experience and capabilities to the Port of Wilmington, as we continue to pursue a strong growth trajectory in the USA.”

GT USA will also establish a training facility at the development site specifically for the Ports and Logistics industries that is expected to train approximately 1,000 people every year.