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World News

DP World completes port purchase in Canada

date

24-Feb-2020

Dubai: DP World has completed the acquisition of Fraser Surrey Docks in Canada. It bought the stake from Macquarie Infrastructure Partners (MIP) in a deal that also involved longstanding partner Caisse de dépôt et placement du Québec (CDPQ).
 
This complements DP World’s footprint in Canada, which also includes terminal operations in Vancouver, Nanaimo, Prince Rupert and St. John’s. The “coast-to-coast” platform provides customers with bulk, breakbulk and general cargo services.
 
“The acquisition of Fraser Surrey Docks bolsters our footprint in the west coast of Canada,” said Sultan Ahmed bin Sulayem, Group Chairman and CEO, DP World. “We believe Fraser Surrey Docks has the relevant infrastructure and is in the right location to service this demand.”
 
Fraser Surrey Docks, founded in the early 1960s, has emerged as the “largest multi-purpose terminal” on the west coast of North America. It operates more than 1,200 metres of berth, 189 acres of yard, and is also one of the region’s major steel import terminals. It moves approximately 1 million tonnes of agri-products annually and serves several container lines. It handled more than 350,000 TEU in 2019.
 
A suitable alliance
In 2016, DP World partnered with Canada’s CDPQ to create a $3.7 billion platform to invest in ports and terminals. Since then, the partnership has built a portfolio of 10 ports and terminals across the globe, including in Canada, Chile, the Dominican Republic, and Australia. DP World holds 55 per cent in the alliance and CDPQ holds the rest.
 

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