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DP World has entered into a US$760 million memorandum of understanding (MOU) with the Government of the Dominican Republic to expand the Port of Caucedo and its free trade zone to enable the country to become a manufacturing and logistics hub in Latin America.
The MOU will initiate negotiations that will raise the Port of Caucedo's container handling capacity from 2.5 million TEUs to approximately 3.1 million TEUs while making 225 hectares of development-ready land available for the free trade zone. DP World, which has operated in the Dominican Republic for over 25 years, currently manages both the marine terminal at the Port of Caucedo and the adjacent 86-hectare free trade zone park.
Since 2003, the company has invested more than US$700 million in its development, boosting capacity from 900,000 TEUs in 2003 to 2.5 million TEUs today through continuous investment and modernisation.
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US$380 million will be allocated for port upgrades, including the expansion of the quay and the breakwater to accommodate next-generation vessels and general cargo operations.
The remaining US$380 million will be allocated for the free trade zone, which will have a new road network, utilities, a commercial and marketing center to attract global tenants, and pre-built storage units.
DP World estimates the combined project will add 300,000 TEUs a year of cargo volume.
Source: Baird maritime
