In February, authorities in Djibouti abruptly cancelled DP World’s contract to run the terminal and seized its facilities, which the port operator had designed, built and operated. Reuters
In February, authorities in Djibouti abruptly cancelled DP World’s contract to run the terminal and seized its facilities, which the port operator had designed, built and operated. Reuters

DP World denies out-of-court settlement in Djibouti port dispute



DP World, the fourth biggest port operator globally, will not consider alternative legal options outside a court settlement in a dispute with the Djibouti government over the Doraleh Container Terminal.

The Nasdaq-listed company is awaiting a ruling by the International Arbitration Court in London, a DP World spokesman said in a statement Saturday, in response to media reports that it is considering settling the matter outside the court.

“We await the outcome of this process,” a DP World spokesperson said. “We remain committed to operating Doraleh port as per the original agreement of the concession, and we will not consider any other alternative settlement option.”

In February, the Djibouti authorities abruptly cancelled DP World’s contract to run the Doraleh terminal. DP World said the move to take control of the port was illegal and began court proceedings. The UAE denounced Djibouti’s termination of DP World’s concession, calling it an “arbitrary” breach of a signed agreement. The port operator said in March that it would consider it illegal if any third-party entered into an agreement or arrangement with the Djibouti government related to the port.

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DP World is facing a dual challenge in Africa where Somalia’s parliament voted in March to ban the company. DP World’s terminals in Europe, Middle East and Africa, which also includes the home port of Jebel Ali in Dubai, recorded the strongest growth in the first quarter of 2018, up 9.8 per cent.

Despite the headwinds it's facing in Africa, the company remains bullish on African markets’ potential for growth and has continued to expand there.

In May, DP World signed a preliminary agreement with Egypt’s Suez Canal Authority and government to jointly develop a new inland container depot that will boost the flow of cargo between ships and major land transport networks in the country.

It won a 30-year concession to develop a $1 billion deep-water port along the Democratic Republic of Congo’s Atlantic coast in March. DP World will get a 70 per cent stake and the DRC government keeps a 30 per cent holding in the project. Construction will start this year and finish in two years.

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Uefa Champions League Group H

Manchester United v Young Boys, Tuesday, midnight (UAE)

Company%20Profile
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The biog

Name: Ayisha Abdulrahman Gareb

Age: 57

From: Kalba

Occupation: Mukrema, though she washes bodies without charge

Favourite things to do: Visiting patients at the hospital and give them the support they need.
Role model: Sheikha Fatima bint Mubarak, Chairwoman of the General Women's Union, Supreme Chairwoman of the Family Development Foundation and President of the Supreme Council for Motherhood and Childhood.

 

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
 
 
 
 
 
 
 
BIO

Favourite holiday destination: Turkey - because the government look after animals so well there.

Favourite film: I love scary movies. I have so many favourites but The Ring stands out.

Favourite book: The Lord of the Rings. I didn’t like the movies but I loved the books.

Favourite colour: Black.

Favourite music: Hard rock. I actually also perform as a rock DJ in Dubai.

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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
EA Sports FC 25
SPECS

Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now

COMPANY%20PROFILE
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COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
The specs
 
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Specs – Taycan 4S
Engine: Electric

Transmission: 2-speed auto

Power: 571bhp

Torque: 650Nm

Price: Dh431,800

Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor

Transmission: 2-speed auto

Power: 455bhp

Torque: 700Nm

Price: from Dh431,800


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