I-BASED ports operator DP World expects its new London Gateway deep-sea container port to be operational by the fourth quarter of 2013, it said yesterday, with spending on the project set to continue apace despite the economic gloom.
London Gateway, located about 25 miles east of central London on the north bank of the river Thames, is a staged £1.5bn development embracing the container port itself as well as what is expected to be Europe’s largest logistics park.
The world’s third-largest port operator said that it would invest another $1bn on the project over the next three years, having already spent $600m, with construction in progress since January last year.
“The funds for the project are coming from the resources of the company and international financial institutions. They are already in place,” said Sultan Ahmed bin Sulayem, chairman of DP World.
“These projects are not something that would be affected by the [Eurozone debt] crisis. They are long term.”
The port will have an initial container capacity of 1.6m twenty-foot equivalent units and DP World said it will contribute £3.2bn to Britain’s economy every year.
Business secretary Vince Cable said the new port would transform the UK’s maritime port infrastructure and save millions of pounds every year in land transport costs.