Dublin Port Company has agreed with the provincial government of Aceh in Indonesia to develop an important new container port, at Sabang off the northern tip of Sumatra in a $900m deal. Financial Times

Around 30% of the world's shipping passes through the Malacca Straits, and the port at Sabang could present an attractive option as a deepwater trans-shipment centre.

Dublin Port and Aceh have agreed to form Sabang Hub International Port, an equal-share joint venture company that is likely to be up and running by July. The plan is to build a quay 2,500 metres long and a 22 metre deep harbour. The contract will last for 50 years.