UAE port giant signs deals to acquire stakes in two Kazakhstan's special economic zones

DUBAI, March 24 (Xinhua) -- Dubai Ports (DP) World, the global port operator of the United Arab Emirates (UAE), signed on Saturday two framework agreements to acquire stakes in two Special Economic Zones (SEZs) of Kazakhstan.

The deals were signed by Sultan Ahmed Bin Sulayem, chairman and CEO of DP World, with Kanat Alpysbayev, president of Kazakhstan Temir Zholy (KTZ), and Yeraly Tugzhanov, governor of the Mangistau region of Kazakhstan, in the presence of Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed and visiting Kazakhstan's President Nurusltan Nazarbayev.

Under the deals, DP World will acquire a 51-percent stake in the SEZ in Khorgos on the Kazakh side, and a 49-percent stake in the SEZ in the Port of Aktau, said the UAE port giant in an emailed statement.

DP World has been providing management services to Aktau, Kazakhstan's main cargo and bulk terminal on the Caspian Sea, it said.

DP World seeks to "play an important role in enhancing trade connectivity along the New Silk Road," the focal point of China's Belt and Road Initiative, handling all cargo types including hydrocarbons, containers and bulk, according to the statement.

The Belt and Road Initiative, proposed by China in 2013, aims to build a trade and infrastructure network connecting Asia with Europe and Africa along ancient trade routes.

"Kazakhstan is an important link on the New Silk Road and in the development of the Belt and Road Initiative," said Sulayem.

"Focusing on soft and hard infrastructure development that supports multimodal transport links will be key in realising its potential as a transit corridor as well as boosting its own economy," he added. Enditem