DP World locks in in Manila and Chile + Arada backs Brookfield and Lunate’s Alya

More in Manila for DP World

DP World’s Manila partner gets 25 more years at South Harbour: Asian Terminals (ATI), DP World’s partner in the Philippines, secured a 25-year extension to operate and develop Manila South Harbour, according to a statement. Under the agreement with the Philippine Ports Authority, ATI’s concession, which was due to expire in 2038, now runs to 2063. ATI plans further investment in terminal capacity, automation, energy-efficient cargo-handling equipment, and digital infrastructure.

The terminal has already been upgraded: DP World and ATI completed a USD 100 mn expansion of Manila South Harbour last year, extending Pier 3 to more than 600 meters, enlarging the container yard, and adding two ship-to-shore cranes. Annual handling capacity rose more than 25% to nearly 2 mn TEUs. The partners have since added 15 electric internal transfer vehicles, a USD 2.1 mn fleet, as part of a move to lower-emission operations.

And an extension at Chile’s busiest port secured

DP World is also extending its concession at the Port of San Antonio, Chile’s main port, by 10 years to 2041, under an agreement with state-owned Empresa Portuaria San Antonio (EPSA), Chilean trade outlet PortalPortuario reports. In return, DP World’s local unit will invest USD 227 mn in its Costanera-Espigón terminal over the next three years. With other planned works, the total comes to about USD 250 mn by the time the concession ends.

The details: Investments will be carried out over three years and are set to increase handling capacity by 300k TEUs annually, as well as bring dry bulk goods handling up to 1.8 mn tons.

Arada backs Alya

Sharjah developer Arada is teaming up with Alya, the luxury housing platform Brookfield and Lunate launched last week. Arada Capital, Arada’s planned fund management arm, has signed an MoU with Alya to co-invest in premium residential and mixed-use projects in the UAE and Saudi Arabia, according to a press release. The deal is still subject to due diligence, a final commercial agreement, and approvals.

The plan: The partners will start with two residential developments with a combined gross development value of about AED 6 bn, part of a larger pipeline they’ll evaluate together. They’re looking at sites in Downtown Dubai and Abu Dhabi’s Yas Island. They haven’t said how the funding will be split, or named any Saudi projects.

A recap of who’s involved: Arada announced plans for Arada Capital in the summer, bringing institutional and qualified investors to its real estate pipeline and targeting USD 5 bn in AUM. Brookfield and Lunate launched Dubai-based Alya last week, targeting premium housing projects across the Gulf. The Saudi plan fits well with Arada’s footprint, after the developer made its KSA debut just last month with a USD 3.8 bn residential project in Riyadh.