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DP World to invest 28 mln euro in Serbia's Novi Sad port

Author Radomir Ralev
DP World to invest 28 mln euro in Serbia's Novi Sad port Novi Sad port administration; Author: Radomir Ralev

BELGRADE (Serbia), November 24 (SeeNews) - Dubai's DP World has signed an agreement to invest 28 million euro ($31.5 million) in the development of Serbia's Danube river port of Novi Sad, the Serbian port governance agency said.

DP World's Serbian unit will invest in infrastructure, superstructure and equipment and will pay special attention to the modernization of mechanisation and port management processes, the agency said in a statement earlier this week.

The works will take place in two phases and will include the reconstruction of port roads and the existing quay wall.

In 2019, the Serbian government signed an agreement to sell Luka Novi Sad, the state-owned company operating the port, to P&O Ports, a subsidiary of DP World. P&O Ports placed a 7.99 million euro offer in a tender for the sale of Luka Novi Sad and committed to invest an additional 30 million euro, a Serbian economy ministry official said back then.

($ = 0.88961 euro)