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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Read more:
DP World completes $315.7m acquisition of Peru's Cosmos Agencia Marítima
DP World signs initial agreement to develop Egypt port terminal
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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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Results:
5pm: Baynunah Conditions (UAE bred) Dh80,000 1,400m.
Winner: Al Tiryaq, Dane O’Neill (jockey), Abdullah Al Hammadi (trainer).
5.30pm: Al Zahra Handicap (rated 0-45) Dh 80,000 1,400m:
Winner: Fahadd, Richard Mullen, Ahmed Al Mehairbi.
6pm: Al Ras Al Akhdar Maiden Dh80,000 1,600m.
Winner: Jaahiz, Jesus Rosales, Eric Lemartinel.
6.30pm: Al Reem Island Handicap Dh90,000 1,600m.
Winner: AF Al Jahed, Antonio Fresu, Ernst Oertel.
7pm: Al Khubairah Handicap (TB) 100,000 2,200m.
Winner: Empoli, Pat Dobbs, Doug Watson.
7.30pm: Wathba Stallions Cup Handicap Dh80,000 2,200m.
Winner: Shivan OA, Patrick Cosgrave, Helal Al Alawi.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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COMPANY%20PROFILE%20
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday, February 8 v Kenya; Friday, February 9 v Canada; Sunday, February 11 v Nepal; Monday, February 12 v Oman; Wednesday, February 14 v Namibia; Thursday, February 15 final
The Gandhi Murder
- 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
- 34 - Nationalities featured in the film The Gandhi Murder
- 7 - million dollars, the film's budget
Women’s World T20, Asia Qualifier
UAE results
Beat China by 16 runs
Lost to Thailand by 10 wickets
Beat Nepal by five runs
Beat Hong Kong by eight wickets
Beat Malaysia by 34 runs
Standings (P, W, l, NR, points)
1. Thailand 5 4 0 1 9
2. UAE 5 4 1 0 8
3. Nepal 5 2 1 2 6
4. Hong Kong 5 2 2 1 5
5. Malaysia 5 1 4 0 2
6. China 5 0 5 0 0
Final
Thailand v UAE, Monday, 7am
Cry Macho
Director: Clint Eastwood
Stars: Clint Eastwood, Dwight Yoakam
Rating:**
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
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The%20specs
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How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
COMPANY%20PROFILE
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In the Restaurant: Society in Four Courses
Christoph Ribbat
Translated by Jamie Searle Romanelli
Pushkin Press