DP World Signs MOU With Russia’s Summa Group
The port operator and logistics provider DP World has entered into a memorandum of understanding with Summa Group, a diversified business with significant infrastructure investments in Russia, to explore investment opportunities in ports, special economic zones and inland logistics facilities in the Russian Federation.
The partnership will also focus on the development and implementation of cutting-edge freight delivery and port processing technologies. The development and promotion of the Asia-Pacific Economic Cooperation (APEC) and Russian Far East transportation corridors, including free ports Vladivostok and Zarubino also form part of the agreement.
Both partners will leverage their international experience and exchange best practice in port management, including the efficient operation of free ports.
“We are always on the lookout for opportunities to collaborate with industry peers,” said Sultan Ahmed Bin Sulayem, DP World Group chairman and CEO. “This is one of the many ways in which we grow and develop our expertise, by sharing what lessons we’ve learnt in each of our sectors. The Summa Group have been extensively involved in developing trade infrastructure in Russia and elsewhere and we have done the same with a network of 77 operating marine and inland terminals across six continents and other international interests such as DP World Russia, a joint venture company that
targets marine, dry ports and logistics infrastructure in the country.”
“We welcome the partnership with DP World, the global leader in port infrastructure and management, to develop the free trade zones in Russia, CIS and beyond,” said Ziya Magomedov, chairman of Summa Group. “The Summa Group is heavily focused on transport and logistics along main trade corridors and partnership with DP World will only enhance such presence, traction and reach. Furthermore, I am confident that together we will also implement and deploy such high-tech solutions that will help transform these trade corridors and the transport and logistics arena as a whole.”
Those high-tech solutions could include Hyperloop, a technology being roled out that uses vacuum tubes to move passengers and freight. DP World and Summa Group are involved in separate projects of Hyperloop One, a company that is commercializing the technology. DP World and Hyperloop One recently announced a pilot project at Dubai’s Jebel Ali Port. Summa Group owns stake in Hyperloop One’s operations in Russia.
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