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DP World and partner CDPQ to build port in Indonesia's Gresik

·1 min read

DUBAI, March 6 (Reuters) - Dubai's DP World and partner Caisse de dépôt et placement du Québec (CDPQ) signed a long-term agreement of up to $1.2 billion with Indonesian conglomerate Maspion Group to build an international container port and industrial logistics park in East Java, DP World said on Saturday.

Construction in Gresik, East Java, is expected to begin in the third quarter of 2021. A joint venture company will be established between DP World, CDPQ's global investment platform and Maspion Group.

DP World said the JV was the first of its kind in Indonesia's transport sector involving a foreign direct investor (FDI) partner and a private sector Indonesian company.

(Reporting by Yousef Saba Editing by Mark Heinrich)