UAE DP World's Djibouti port contract "valid": report

Source: Xinhua| 2018-08-03 03:05:40|Editor: yan
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DUBAI, Aug. 2 (Xinhua) -- The Djibouti government's action of seizing control of the Doraleh Container Terminal from United Arab Emirates (UAE) global port operator Dubai Ports (DP) World earlier this year was "illegal," UAE state news agency WAM reported on Thursday.

The report cited a ruling by the London Court of International Arbitration (LCIA), saying that Doraleh Container Terminal's Concession Agreement "remains valid and binding."

DP World, the third biggest container port operator in relation to assets, "will now reflect on the ruling and review its options," said WAM.

On February 23 this year, the government of the East African state of Djibouti seized control of the Doraleh Container Terminal from DP World, which designed, built and operated the terminal following a concession awarded in 2006, a move which the port firm said was "illegal."

"The illegal seizure of the Terminal followed the government's campaign to force DP World to renegotiate the terms of the concession," the report said.

DP World controls 78 operating marine and inland terminals supported by over 50 related businesses in over 40 countries across six continents.