RITES Limited and DP World announced a transformative Memorandum of Understanding (MoU) to explore potential opportunities for collaboration in the development of trade, logistics, and infrastructure projects. The MoU aims to foster mutual collaboration by exploring joint opportunities in infrastructure development, including ports, multimodal logistics parks, free trade zones, rail connectivity projects, and logistics infrastructure services.
The MOU was signed in the presence of HH Sheikh Hamdan Bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister and Minister of Defence of the UAE, Piyush Goyal, Minister of Commerce and Industry, Government of India. and HE Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer of DP World, along with Rahul Mithal, Chairman & Managing Director of RITES Limited. The signing took place during the CEO- Connect: Dubai-India Economic Ties & Opportunities forum in Mumbai.
The Virtual Trade Corridor (VTC), launched in September 2024, is supported by MAITRI, a digital platform, developed with RITES. The Virtual Trade Corridor integrates customs, logistics, and regulatory processes into a single, seamless digital system to simplify and accelerate trade between the two nations. Since its launch, strategic workshops in India and UAE have led to key decisions, paving the way for scaling up the proof of concept of the VTC using Nhava Sheva, Deendayal, and Jebel Ali as nodal ports.
Rahul Mithal, Chairman and Managing Director, RITES Limited, said, “This is an alliance of like-minded entities, bringing in experience, expertise, and a rich legacy. By leveraging our collective strengths and resources, we are poised to create transformative synergies across key infrastructure projects, setting new benchmarks in operational excellence across global logistics initiatives.”
HE Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer of DP World, said: “This partnership with RITES Limited marks a significant milestone in our journey towards enhancing trade and infrastructure development between India and the UAE. By leveraging the power of public-private collaboration and our combined expertise, we will bring innovation and efficiency to trade corridor development creating diversified trade routes that build resilience and unlock opportunities for everyone.
The strategic partnership aims to leverage RITES’ expertise in transport infrastructure development and DP World’s extensive portfolio of world-class ports, free zones, and smart end-to-end logistics solutions to create robust and resilient supply chains that will insulate trade from global disruptions.
