Dubai-based port group DP World has launched a joint venture with the Russian Direct Investment Fund (RDIF) dubbed DP World Russia, to invest a total of $2bn in upgrading the country’s ports.

DP World chairman Sultan Ahmed Bin Sulayem and, RDIF ceo Kirill Dmitriev signed an agreement covering the jv, in which DP World will own 80% and RDIF 20%, in the sidelines of this week’s World Economic Forum in Davos.

The new company will upgrade Russia’s marine, dry ports and logistics infrastructure, investing $2bn over time, said DP World.

“Russia has always been an attractive origin and destination market for us with huge long term growth prospects,” commented Bin Sulayem. “This jv allows DP World and RDIF to build on each other’s strengths in bringing economic prosperity to Russia. It is also another great example of the strategic partnerships with government stakeholders, a model that has proven very successful for us over the years.”