UAE-based DP World and Russian state-owned nuclear energy company Rosatom have entered into an agreement to develop Russia's Northern Transit Corridor as a sustainable shipping route between Asia and Europe.
Under the terms of the agreement, the two companies will establish a joint venture that will invest in, build, and operate transport and logistics capacity along the corridor. DP World said the route can reduce up to 19 days off the sailing time between South-East Asia and North-West Europe.
To open the route to sustainable commerce, the partners will draft a comprehensive program that will also encompass the development of ports and transport links along Russia's northern coast to sustain economic activity.
DP World added that the Northern Transit Corridor, along with land routes the company is investing in across Asia, will open more options to move cargo with Dubai as a new hub for global trade.