Dubai’s DP World in talks on alliance with northern Canada port

Skip to Content News Archives Economy Defence Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Defence Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Defence Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeNewsDubai’s DP World in talks on alliance with northern Canada portThe global port operator has negotiated a memorandum of understanding with Arctic Gateway Group and an associated railwayAuthor of the article:An old boat sits on the shore, Port of Churchill, Manitoba. Photo by Peter Blahut/GettyDubai’s DP World Ltd. is set to unveil a deal backing potential development of Canada’s port of Churchill, a northern outpost that Prime Minister Mark Carney aims to expand for exports to Europe and other markets.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe global port operator has negotiated a memorandum of understanding with two Canadian entities, including Arctic Gateway Group, the owner and operator of the Churchill port and an associated railway, according to two people familiar with the matter who requested they not be identified.This advertisement has not loaded yet, but your article continues below.The agreement focuses on port operations and a possible transportation corridor to link Churchill with DP World’s global logistics network and inland port facilities managed by CentrePort Canada Inc.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againChurchill is a remote town in the north of Manitoba. It sits on Hudson Bay, which connects to the Atlantic Ocean via Arctic waterways. Its location means that it could someday become a gateway to ship Canadian resources like liquefied natural gas, grain, potash and other critical minerals to customers in the Middle East and Europe.But doing all of that would take tens of billions of dollars of investment.Canada and the United Arab Emirates have been developing closer economic ties since Carney came to office last year with an agenda to build his country’s trade and investment connections with the rest of the world after U.S. President Donald Trump started a trade war.Sheikh Khaled bin Mohamed Al Nahyan, the Crown Prince of Abu Dhabi, was scheduled to visit Ottawa on Monday and Tuesday, Carney’s office announced on Sunday. Last year, the UAE committed to invest US$70 billion in Canada.This advertisement has not loaded yet, but your article continues below.“At a time of profound global transformation, Canada and the UAE are working to deepen their partnership and build greater economic strength, shared security, and long-term prosperity for people in both countries,” Carney’s office said.Canadian Energy Minister Tim Hodgson told Bloomberg News last year that Churchill has “tremendous potential” as a much larger export hub. The bay is currently frozen for most of the year, but Hodgson said it could be opened up for extended shipping seasons with icebreakers. Canada signed a deal for new ice-breaking ships in August.Discussions about the port advanced during September meetings between UAE officials and Manitoba Premier Wab Kinew at the time of the Canada Investment Summit in Toronto in mid-September.A prospectus shared by Canada’s government with summit attendees put the price tag of a major expansion of Churchill and supporting infrastructure at US$57 billion, with “preliminary investment requests” of US$3.9 billion. That pitchbook said the initiative is to turn Churchill “into a four-season trade gateway through an LNG export corridor, rail upgrades, port modernization, and develop all-weather road access.”DP World already has extensive interests in Canada. It currently operates the container port in Prince Rupert on Canada’s west coast, and last year won the contract to operate a new terminal near Montreal.One of Canada’s largest pension funds, the Caisse de Dépôt et Placement du Québec, is a large equity investor in DP World’s Canadian unit.With assistance from Brian Platt.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.