UAE-based ports and logistics group Gulftainer today signed a deal with Prominvest, the investment arm of Russian Technologies, to invest $500 million in the country.

The joint venture agreement was signed in the Black Sea city of Sochi in the presence of Vladimir Putin, Prime Minister of Russia.

Gulftainer is a subsidiary of the Crescent Group of companies and the largest private port and logistics operator of the Middle East. Badr Jafar, executive  director of the Crescent Group and vice chairman of Gulftainer, and Mikhail Shelkov, CEO of Prominvest were present at the signing.

The Gulftainer Russian Technologies venture will pursue investments and management opportunities in the complete logistics chain within the Russian Federation and the rest of the Commonwealth of Independent States (CIS) including strategic port assets and related infrastructure. 

The joint venture also announced plans to aquire port and logistics assets in Russia and the region, some of which have already been identified by the partners.

Jafar said: 'This is another major demonstration by the Crescent Group of its commitment to building strong economic ties with our Russian brothers, pulling together the synergies and strengths in our respective areas of expertise. We are very proud to be associated with our partner Prominvest and Russian Technologies.

'The rapid growth of the Russian economy will increase demand for more efficient and a wider range of port and logistic services - Gulftainer and Prominvest will together meet that challenge using Gulftainer's well established reputation for optimum efficiency in the ports and logistics industry, plus the vast expertise and local knowledge of the successful Prominvest organisation in Russia,' he said. - TradeArabia News Service