Dubai port firm buys Canadian terminal for $580M Canadian

The Cayan tower, the world’s tallest twisted tower stands at Dubai’s Marina on June 11, 2013, in the United Arab Emirates, UAE. AFP PHOTO/KARIM SAHIB

DUBAI, United Arab Emirates — Dubai-based port operator DP World says it has reached a deal to acquire the Fairview container terminal in Canada from Deutsche Bank for 580 million Canadian dollars, or about $457 million.

The port company said on Thursday that the deal represents a “growth opportunity in a market with attractive and growing demand.”

Fairview is located in Prince Rupert, British Columbia, and has the capacity to handle the equivalent of 850,000 20-foot shipping containers. A planned expansion will increase its capacity to 1.4 million containers.

DP World ranks among the world’s largest port operators. It has business at more than 65 marine terminals globally, including in Vancouver.