DP World and its local subsidiary P&O Maritime Cypus have formally signed concession agreements at the Port of Limassol, covering 25-year operation of the port's multipurpose terminal and 15-year provision of associated towage and pilotage services respectively.

Both concessions are awarded to a jv between DP World and G.A.P. Vassilopoulos Public Limited, a locally-listed logistics company. DP World will be the majority stakeholder with 75% of the share capital of each joint venture, as well as the management rights. The multipurpose terminal concession covers breakbulk, general cargo, ro-ro and passenger services.

The signing follows an announcement in late February by the Cyprus Ministry of Transport that its two-year port privatisation process had been completed. A consortium of Germany’s EuroGate International, Cyprus’ Interorient Navigation company and Luxembourg-based East Med Holdings won a 25-year concession to run Limassol’s container terminal, while DP World won the port’s multipurpose terminal award.

“Having met President‎ Anastasiades‎ last month, I expressed my delight that DP World, P&O Maritime Services and our local partner G.A.P Vassilopoulos have successfully secured two long term concessions in Cyprus, which is now the ninth country where DP World invests and operates within Europe,” said Sultan Ahmed Bin Sulayem, chairman and ceo of DP World.

Cyprus' port privatisation plans have sparked widespread industrial action by dockers protesting terms of employment, and were one of the requirements of a EUR10bn ($11.2bn) bailout of the country by the EU in 2013. The Cyprus Port Authority will continue to handle operations at Limassol port during a transition phase expected to last until late January 2017.