This is the Nova Villa de Gaia side from the Ponte, directly across the Duro River from Oporto.  The old buildings off the wharf are the Port Wine Warehouses/Cellars.  You can just imagine the old Vintners wanting to warehouse their Wine in Porto, but the City wanting to tax it.  So the businessmen built a new city across the river to avoid the taxes.  If you zoom in on this photo, you can see the bigger buildings all have the names of the large Port houses on the front or roof-top sign.