UAE’S DP WORLD TO DEFEND RIGHTS OVER PORT DISPUTE WITH DJIBOUTI

DUBAI, United Arab Emirate- The United Arab Emirates’ (UAE’s) global port operator, Dubai Ports (DP) World, said Tuesday, that, it will continue defending its rights, after the Djibouti government nationalised Doraleh Container Terminal, SA (DCT), on Sunday.

DP World said, it will pursue “all legal means, to defend its rights, as a shareholder and concessionaire, in Doraleh Container Terminal, SA (DCT),” in the face of Djibouti’s “blatant disregard of the law, and commercial contracts,” UAE’s state news agency, reported.

The President of Djibouti, enacted a decree, that transferred the shareholding of Port de Djibouti, SA (PDSA), in Doraleh Container Terminal SA (DCT), to the government of Djibouti, on Sunday.

PDSA is 23.5 percent owned by China Merchants Port Holdings Company Ltd of Hong Kong.

DP World, whose shares are traded on the Nasdaq Dubai, said, the transfer appears to attempt to flout an injunction of the English High Court, which restrains PDSA from using its shareholding, to take control of DCT.

DP World shares closed flat at 20.35 U.S. dollars on Tuesday.

The stock has lost 5.89 percent in the last 12 months.

Source: NAM NEWS NETWORK