Dubai Ports World to operate in Qingdao

Dubai Ports World announced it will construct a container terminal valued at US$448 million in Qingdao, the Wall Street Journal reported. The company is keen to get involved in China's growing ports sector. It will spend US$157 million of its own funds to build and operate four shipping berths and related facilities in the northern China port and borrow the rest. DP World, the world's fourth-biggest container port operator through acquisitions, is looking to consolidate its position in the global ports business. It acquired the port assets of Jacksonville, Florida's CSX in 2004, followed by those of Britain's Peninsular & Oriental Steam Navigation in a US$6.8 billion deal last February.