DP World has announced works have started to build a fourth berth at its London Gateway smart logistics hub.

The £350 million ($387 million) project builds on DP World’s £2 billion ($2.2 billion) investment in Britain’s supply chain over the last decade.

Upon completion in 2024, the new berth is set to lift London Gateway’s capacity by a third, allowing it to handle the world’s largest vessels.

London Gateway just handled its 10 millionth container, nine years after opening.

“I am delighted that we have taken the next step in delivery of the new fourth berth and made clear our commitment to investing in and regenerating the areas where we operate,” said Ernst Schulze, UK Chief Executive of DP World.

“Over the next 10 years we have earmarked a further £1 billion ($1.1 billion) of investment in this country. The construction of the new fourth berth is creating 1,000 jobs and London Gateway’s rapidly growing logistics park will employ 12,000 people when it is completed in five years’ time.

“Our investment is a catalyst for the regeneration of one of the most deprived areas in the UK, which is currently in the top decile of deprivation.”

READ: DP World begins work on London Gateway green warehouse

“We are delighted to have been awarded the contract with DP World and to begin delivering this vital piece of national infrastructure,” added Seamus Devlin, McLaughlin & Harvey Civil Engineering Director.

“We bring with us extensive experience in the marine sector and look forward to engaging with our local supply chain and creating jobs locally.”

DP World announced strong financial results for the first six months of 2022, although the economic outlook remains uncertain due to supply chain disruption.

Total revenue for the first half of the year came at $7.93 billion for a growth of 60.4 per cent year-on-year, and 20.1 per cent on a like-for-like basis.