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UAE firm Gulftainer in $500 million joint venture with Russian corporation Prominvest

Sharjah, Sep 19 (Calcutta Tube) Ports and logistics group Gulftainer, based in the United Arab Emirates (UAE), has signed a joint venture agreement with Prominvest, the financial and investment arm of Russian state corporation, Russian Technologies.

The agreement was signed Friday in the Black Sea city of Sochi in Russia between Badr Jafar, vice chairman of Gulftainer, and Mikhail Shelkov, chief executive officer of Prominvest in the presence of Russian Prime Minister Vladimir Putin.

The new company, Gulftainer Russian Technologies, will pursue investments and management opportunities in Russia and the rest of Commonwealth of Independent States (CIS).

The joint venture also announced plans to establish a fund of $500 million to acquire port and logistics assets in Russia and in the region, some of which have already been identified by the partners.

–IANS/WAM

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