DP World and Caisse de dépôt et placement du Québec has signed a long-term agreement with Indonesian conglomeration company, Maspion Group, to construct a US$1.2 billion international container port and industrial logistics park in Gresik, East Java - Photo by Maspion Group Office

JAKARTA (TheInsiderStories) – DP World and Caisse de dépôt et placement du Québec has signed a long-term agreement with Indonesian conglomeration company, Maspion Group, to construct a US$1.2 billion international container port and industrial logistics park in Gresik, East Java, they announced today. Work on the projects is expected to begin in the third quarter of 2021 and to be operate in 2023.

“Indonesia is rapidly developing as one of the world’s most important economies. This project will create modern, efficient infrastructure, as well as an industrial zone that provides quality logistics,” said Sultan Ahmed Bin Sulayem, Group chairman and CEO of DP World in an official statement.

The new joint venture company, DP World Maspion East Java, will become the sole operator of the port. The third parties also targeting to develop an integrated industrial and logistics park with an initial land areas of 110 hectares. The port will have a design capacity of up to 3 million TEUs.

President director of Maspion, Alim Markus, commented, “Surabaya is an important gateway in Indonesia and the existence of this container port will further enhance economic development and investment opportunities in Indonesia.”

A series of business agreements were signed by United Arab Emirates (UAE) during a visit of the Energy and Infrastructure Minister Suhail Al-Mazroui. Beside, port, the partnering country also plans to build a $500 million’ tourism resort in Aceh province, as part of a raft of infrastructure projects planned in the Asian nation.

Both countries also agreed to develop Sheikh Zayed Mosque replica mosque in Solo, Central Java. The mosque is a gift from Abu Dhabi Crown Prince Mohammed Bin Zayed Al Nahyan for President Joko Widodo when he visited Indonesia in 2019. The agreements are a part of a $22.9 billion deal signed by both leaders in January of last year, covering energy, infrastructure, and mining.

Other deals has been signed last week, included an agreement between state-owned weapons manufacturer, PT Pindad and UAE’ small-arms manufacturer Caracal to develop assault rifles, drones and defense system technologies. Al-Mazroui hinted that other deals may also follow in the wake of the newly forged economic ties between the two.

End of last year, the holding of state mining firms, PT Indonesia Asahan Aluminum (MIND ID) signed a deal with Emirates Global Aluminum (EGA), the largest aluminum producer in UEA. The smelter grade alumina refiners is estimating need costs around $800 million.

According to the ambassador of Indonesia to the UAE, Husin Bagis, both will forming a joint venture to build a greenfield aluminum smelter in Mempawah, West Kalimantan and a brownfield upgrade of a smelter in North Sumatra. This project is a continuation of the memorandum of understanding has been signed in front of the two leaders in Abu Dhabi on Jan. 21, 2020.

Written by Editorial Staff, Email: theinsiderstories@gmail.com