The Diamond State Port Corporation (DSPC) has signed a sister port agreement with the Government of Sharjah in a deal designed to improve trade between the US and UAE.
Under the agreement, the two entities are committed to cooperate in the development of international trade and logistics, exchange information and build mutually beneficial commercial, technological and culturally synergies.
The signing ceremony was hosted by Gulftainer, the world’s largest privately-owned independent port operator, and took place shortly after the DSPC official handed over the Port of Wilmington.
In September 2018, Gulftainer agreed a 50-year concession deal worth approximately USD $600 million with the DPSC for the port.
The concession deal constitutes the biggest ever investment made by a private UAE country in the US.
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As part of the new trade relationship between the US and the UAE, a new 1.2 million TEU container facility at the Port of Wilmington at a cost of $410 million.
It will also build an onsite training centre for the ports and logistics industries that is expected to train up to 1,000 every year once it reaches full capacity.
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Speaking about the sister agreement, Jeffrey Bullock, Secretary of State of Delaware, said: “The agreement is a highly significant step in boosting economic ties between the UAE and the USA.
“We see this as a great opportunity to bolster the overall economy of Delaware through productive partnerships and the sharing of industry best practices.”
Peter Richards, Group CEO, Gulftainer, also commented: “Gulftainer is proud to be part of this historical moment for the UAE-US trade alliance.
“The strengthening of diplomatic relations between our two nations has set the stage for promising business opportunities in the years ahead".