After the acquisition closes, DP World will handle about 33 million containers, just over 9 percent of the world's total.

DP World will become one of the world's top three port companies after the deal closes.

DP World is planning to invest over £1.5bn to develop the project over a 10-15 year development period.

"This was clearly not a business decision made by DP World," a senior administration official said.

The price was not disclosed, though DP World said it was "fair."

DP World is now set to invest over £1.5bn to develop the project over the next 10 to 15 years.

DP World paid about 20 percent more than analysts thought the company was worth.

The company, DP World, said in a statement that it expected to complete the sale in four to six months.

The DP World has been granted a 38-year concession for the exclusive operation and management of the site.

The table below lists current terminals and new developments managed by DP World.