June 7, 2016 / 5:31 AM / 2 years ago

DP World wins 50-yr concession to develop Ecuador port

DUBAI, June 7 (Reuters) - Dubai’s DP World has won a 50-year concession to develop a port project in Ecuador that will require initial investment of $500 million, the ports operator said in a bourse statement on Tuesday.

The initial investment “will include the purchase of land, dredging of a new access channel, a 20 km access road and a 400 metre berth equipped to handle containers and other cargo,” the statement said.

The project will be conducted with DP World’s local partners, Consorcio Nobis and Grupo Vilaseca. A signing ceremony for the deal took place in Ecuador on Monday. (Reporting by Hadeel Al Sayegh; Editing by Andrew Torchia)

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