Senegalese Prime Minister Cheikh Hadjibou Soumare has handed responsibility for operating and developing the African nation's busiest container terminal at Dakar to DP World following the company's successful bid in June.

The Dubai company said it plans to invest more than US$709 million in the project with investment also coming from the Port Authority of Dakar.

The agreement gives DP World management of the Dakar 's Terminal a Conteneur, from the end of the year and allows it to develop a new container terminal at Port du Futur.

DP World has committed more than US$163 million to the existing terminal and will double its capacity to 550,000 TEU, bringing in two gantry cranes next year and two more in 2009, totalling nine gantries on the present site and at Port du Futur. Currently the terminal has no gantry cranes, which can handle large container vessels. The first phase of this development will be complete by 2010.

The second phase of the project will be to design, finance, build and manage the $476 million Port du Futur, which will have a capacity of 1.75 million TEU and be operational by early 2011.

Said Prime Minister Soumare: "We look forward to a long and mutually beneficial relationship with DP World," adding that the company was looking at other investments in Senegal, including business and logistics parks.

Said DP World chairman Ahmed Bin Sulayem: "Senegal's Dakar terminals are well positioned and we see a bright future as a major trading hub serving the surrounding region. This will create jobs for the Senegalese people and make a positive contribution to the economy and to the community."