Dubai's DP World to operate 2 ports in Algeria

DUBAI, United Arab Emirates (AP) -- Port operator DP World says it has signed a deal with the Algerian government to run ports in Algiers and Djen-Djen.

The agreement gives DP World a 50 percent stake in the two Algerian ports over the next 30 years. The Dubai government-controlled company says it will invest 84 million euros ($106.9 million) into the facilities over three to four years.

DP World and local authorities plan to boost capacity at the Algiers port by about 60 percent, giving it the ability to handle the equivalent of 800,000 standard shipping containers per year.

DP World says the Djen-Djen facility, in the eastern part of the country, is also likely to be expanded "over time."

Financial terms were not disclosed.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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