Page 418 - Ministry of Economy - December 2017

12/25/2017 DP World snaps up remainder of Brazil’s Embraport - The National
The UAE-based ports operator already held a majority
stake in the terminal, situated in Port of Santos,

through a partnership with Brazil-based Odebrecht
Transport (OTP).

It said on Monday it had acquired the remaining stake

from OTP, following approvals from Brazil’s anti-trust
regulator, at a purchase consideration below 5 per cent

of DP World’s net asset value as of the first half of
2017.

Non-oil trade between the UAE and Brazil was worth
US$2.7 billion in 2016, according to the UAE's Ministry
of Economy, dominated by meat and poultry products,

iron, aluminium, gold and precious metal crafts.

The Dubai Chamber of Commerce and Industry said
earlier this year it aims to double Latin America’s share

of Dubai’s total trade from 3 percent to 6 percent by
2020.

“DP World has become a major player in the South
American infrastructure sector with a network of

container terminals in Peru, Dominican Republic,
Argentina, Ecuador and Suriname and we remain
committed to our role as a global trade enabler and

targeting a broader strategy to grow complementary
sectors in the global supply chain,” said Sultan Ahmed

Bin Sulayem, group chairman and chief executive of
DP World.

Under the deal, Embraport will be renamed DP World

Santos. The terminal handled 3.4 million TEUs (twenty-
foot containers) in 2016, with 90 per cent of incoming

cargo destined for Brazil's most populous city of São
Paulo, DP World said.

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https://www.thenational.ae/business/dp-world-snaps-up-remainder-of-brazil-s-embraport-1.681208 2/4