DUBAI, United Arab Emirates (AP) — Dubai-based port operator DP World and the Russian Direct Investment Fund say they are launching a joint venture to develop ports, transportation and logistics infrastructure in Russia.
The deal announced on Thursday and signed on the sidelines of the World Economic Forum in Davos, Switzerland, will give DP World an 80 percent stake in the new company. The Russian government-backed fund will hold the remainder.
The company will be called DP World Russia and over time could invest $2 billion to upgrade port infrastructure in different parts of Russia.
DP World is one of the world's largest seaport operators. It is backed by Dubai's government and operates the Mideast's busiest port in the Gulf commercial hub.