UAE invests in Djibouti port

An agreement was signed in Dubai on Monday, giving the Dubai Port Authority the right to administrate and invest in the international Port of Djibouti for 20 years.

AFP said that Djiboutian President Ismael Omar Guelleh who attended the agreement's signing ceremony, announced that his country which occupied an excellent position on navigation routes wants to benefit from Dubai's experience, whose airports occupied the 10th grade on the international level concerning cargo movement, SANA reported.

Djibouti port is situated on the entrance of " Bab al-Mandib. It is able to receive between 300,000 to 400,000 cargoes.

For his part, the director of Dubai Port Authority, Sultan Bin Salim, indicated that Dubai invests its strong relations with naval companies in order to raise the level of works and the trade movements at Djibouti's port. The UAE official did not disclose the value of the investment contract signed between UAE and Djibouti port.

Earlier the Dubai ports authority had signed agreements to run Beirut's airport, and is currently negotiating to develop the ports of Sudan, Libya and Tunisia.