PORT operator DP World will go ahead with the foundation stage of its postponed London Gateway project despite the market downturn, it said yesterday.
The unit of debt-laden state-owned holding company Dubai World said it had decided to proceed with the construction of essential infrastructure for the planned port and logistics park.
The company, which is not part of its parent’s restructuring plans, yesterday bought further development land as well as Royal Dutch Shell’s remaining interest in the project for £136m, it added.
London Gateway is a planned £1.5bn deep-sea container port located on the north bank of the river Thames.
“DP World will continue to review the development of the port and park operations in line with market demand,” it said in a statement.
City A.M. Reporter