Thursday , December 13 2018

UAE denounces Djibouti’s cancellation of DP world pact

Bloomberg

The United Arab Emirates denounced Djibouti’s cancellation of DP World Ltd.’s contract to run the Doraleh Container Terminal, calling it an “arbitrary” flouting of a signed agreement.
“Djibouti government’s seizure of the Doraleh port is regrettable,’’ Minister of State for Foreign Affairs Anwar Gargash wrote on Twitter, in the UAE’s first official response to the cancellation of the Dubai port operator’s concession. “Agreements, commitments and reassurances didn’t hold up to arbitrary measures against DP World.’’
Dubai’s government said Djiboutian authorities “illegally seized control” of Doraleh on Thursday and that DP World has begun arbitration proceedings before the London Court of International Arbitration to protect its rights.
DP World helped Djibouti develop its trade for the past two decades and “recent arbitrary measures’ harmful impact will be far worse for Djibouti’’ than DP World, Gargash wrote in another tweet.

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