UAE state-owned DP World bids to take over running Lyttelton Port

DP World, a state-owned company of the United Arab Emirates, has submitted an unsolicited proposal to lease and operate Lyttelton Port — the South Island's largest port, handling over $7.5 billion in annual exports. Port owner CCHL, the Christchurch City Council's investment arm, is due to receive its first formal assessment of the bid at a board meeting in late July. CCHL chairman Bryan Pearson said no decision would be made without consulting the council.