Doraleh Container Terminal

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In November 2006, UAE’s DP World launched the construction of a new container terminal in Doraleh port, 11 km from the Djibouti Port on the Red Sea. The initial capacity of this container terminal was estimated to be 1.5 million TEU (twenty foot equivalent units) annually. This terminal was conceived to meet the capacity constraints of the existing Djibouti port and was also expected to provide an efficient gateway to access the Horn of Africa's key markets in Ethiopia, Somalia and Eritrea. DP World was already managing the port of Djibouti under a twenty year concession signed in 2001 and was also one of the main promoters of a bulk liquid storage terminal in Doraleh. The total cost of the Doraleh container terminal (DCT) was first estimated at US$ 396 million. Financing comprises a $263m 10-year Islamic Musharaka and $133m equity. Standard Chartered, Dubai Islamic Bank and WestLB are the mandated lead arrangers. Financial close took place on 17 Dec 2007 In December 2007, MIGA underwrote US$427 million in guarantees covering an equity investment by DP World, as well as a swap agreement and syndicated financing led by Dubai Islamic Bank. The first phase of DCT was expected to have six super post panamax gantry cranes and a quay length of 1050 m upon completion. DCT was expected to commence commercial operations in late 2008. The project reached financial closure in December 2007 and started operation in December 2008. In 2009, there was a refinancing of US$103 million of the original US$263 million of senior debt from the financing of Doraleh terminal in Djibouti. In 2013, China Merchants Holdings International announced it had agreed to acquire a 23.5% stake in the Port of Djibouti. Port the Djibouti SA (PDSA) owned 66.66% of Doraleh Container Terminal SA. information on the following was not available - project company name, how the project was awarded (ICT), BOO or BOT??