DP World has partnered with Caisse de dépôt et placement du Québec (CDPQ) investment group to sign a $1.2bn agreement with Indonesia’s Maspion Group to construct an international container port and industrial logistics park in Gresik in Indonesia. Work on the projects is scheduled to begin in Q3 2020, and it is upon completion expected to enhance East Java’s position as a key trading gateway for Indonesia. A joint venture company called DP World Maspion East Java will be established between DP World, CDPQ and Maspion Group, the first of its kind in the Indonesian transportation sector involving a foreign direct investor and a private sector Indonesian company. DP World Maspion East Java will become the sole operator of the international container port with design capacity of up to three million twenty-foot equivalent units.
DP World and CDPQ will also work with Maspion Group to develop an integrated industrial and logistics park, adjacent to the container terminal, with an initial land area of 110 hectares. Commercial operations from the new container terminal are expected to begin in 2023, and will accelerate the country’s Indonesia Golden Generation 2045 strategy. It represents an important milestone for our joint platform with DP World with the addition of a first greenfield port to our portfolio of high-quality assets that have demonstrated their resilience over the past year despite important shifts in the global supply chain landscape.