DP World and CDPQ sign long-term port and logistics park agreement with Maspion Group in Indonesia
DP World, the leading provider of smart supply chain logistics, alongside its partner Caisse de dépôt et placement du Québec (CDPQ), a global investment group, today signed a long-term agreement with Indonesia’s leading conglomerate Maspion Group to start the construction of an international container port and industrial logistics park in Gresik. Work on the projects is expected to begin in the third quarter of 2021, with a total investment of up to USD 1.2 billion, enhancing East Java’s position as a key trade gateway for Indonesia.
The signing ceremony was held in the presence of the Coordinating Minister for Maritime and Investment Affairs of the Republic of Indonesia, Mr. Luhut Binsar Pandjaitan, and the United Arab Emirates’ Minister of Energy and Infrastructure, H.E. Suhail Al Mazrouei, in Jakarta at the Indonesia-Emirates Amazing Week 2021 Building Path Towards Economic Recovery business forum. The signatories of the formal agreements are Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, and Dr. Alim Markus, Chairman and CEO of Maspion Group.
Under the agreement, a joint venture company will be established between DP World and CDPQ’s global investment platform and Maspion Group, the first of its kind in the Indonesian transportation sector involving a foreign direct investor (FDI) partner and a private sector Indonesian company. DP World Maspion East Java will become the sole operator of a modern international container port with design capacity of up to three million twenty-foot equivalent units (TEU). DP World and CDPQ will also work with Maspion Group to develop an integrated industrial and logistics park, adjacent to the Container Terminal, with an initial land area of 110 hectares with scope for future expansion. The Park will provide world-class trade environment for domestic and international businesses to help drive economic growth and create jobs.
Since its launch four years ago, the US$8.2 billion DP World-CDPQ platform has invested in 10 port terminals globally and across various stages of the asset life cycle. This investment will allow the partnership to pursue its objectives to further diversify its reach in terms of geography and trade lanes.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said: “The partnership with Maspion Group is an important development in our global ports and logistics network. Indonesia is rapidly developing as one of the world’s most important economies. This project will create modern, efficient infrastructure, as well as an industrial zone that provides quality logistics. DP World’s business model and vision are aligned with President Jokowi’s vision to spur faster economic growth through trade infrastructure development, more investment opportunities, and job creation.”
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Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ, said: “Through this partnership with Maspion, CDPQ is delighted to make its first infrastructure investment in Indonesia, a strong growth market which benefits from favourable structural trends. It also represents an important milestone for our joint platform with DP World with the addition of a first greenfield port to our portfolio of high-quality assets that have demonstrated their resilience over the past year despite important shifts in the global supply chain landscape.”
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Dr. Alim Markus, Chairman and CEO of Maspion Group, said: “Maspion Group is committed to support Indonesia’s sustainable economic development to be aligned with President Jokowi’s grand plan to make Indonesia the fifth largest economy in the world. Surabaya is an important gateway in Indonesia and the existence of this Container Port will further enhance economic development and investment opportunities in Indonesia.”
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Groundbreaking on the Container Terminal is expected to take place in 2021, with commercial operations expected to begin in 2023. The project will develop East Java’s infrastructure as part of President Joko Widodo’s vision to accelerate economic growth through his Indonesia Golden Generation 2045 strategy.
About DP World
We are the leading provider of worldwide smart end-to-end supply chain logistics, enabling the flow of trade across the globe. Our comprehensive range of products and services covers every link of the integrated supply chain – from maritime and inland terminals to marine services and industrial parks as well as technology-driven customer solutions.
We deliver these services through an interconnected global network of 136 business units in 61 countries across six continents, with a significant presence both in high-growth and mature markets. Wherever we operate, we integrate sustainability and responsible corporate citizenship into our activities, striving for a positive contribution to the economies and communities where we live and work.
Our dedicated, diverse and professional team of more than 53,360 employees from 137 nationalities are committed to delivering unrivalled value to our customers and partners. We do this by focusing on mutually beneficial relationships – with governments, shippers, traders, and other stakeholders along the global supply chain – relationships built on a foundation of mutual trust and enduring partnership.
We think ahead, anticipate change and deploy industry-leading digital technology to further broaden our vision to disrupt world trade and create the smartest, most efficient and innovative solutions, while ensuring a positive and sustainable impact on economies, societies and our planet.
About CDPQ
At Caisse de dépôt et placement du Québec (CDPQ), we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2020, CDPQ’s net assets total CAD 365.5 billion. For more information, visit cdpq.com, follow us on Twitter or consult our Facebook or LinkedIn pages.
About Maspion Group
Maspion Group is one of the leading diversified and integrated business groups in Indonesia, with the products and services offered include household appliances, flat rolled aluminium, aluminium extrusion, industrial estates, hotels, and banking. Besides developing its own companies, Maspion Group has attracted several respected multinational companies to become joint venture partners. Currently, Maspion Group employs around 25,000 people in six Industrial Estates in East Java and in Cibitung, West Java. Maspion Group is well known for its slogan “Love Indonesian Products”.
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