Dubai – Mubasher: The illegal seizure of Doraleh terminal will have grave consequences for Djibouti's economy, DP World chairman and CEO Sultan Ahmed bin Sulayem said.
In February, Dubai-based ports operator affirmed that Djibouti’s government illegally took control of Doraleh Container Terminal.
The world's fourth-biggest ports operator has a valid concession contract for Doraleh terminal, bin Sulayem added, noting that the firm commenced arbitration proceedings before the London Court of International Arbitration to protect its rights.
DP World’s investments contributed to 12% of Djibouti’s gross domestic product (GDP) during the last years, the top official said.
The company succeeded in raising the volume of goods at Djibouti's terminal by 380% over the previous 14 years, bin Sulayem noted, indicating that occupation ratio rose to 70% in the terminal, with expectations to increase to 80% this year.
DP World, which owns a 33% stake in Doraleh terminal, announced previously that Djibouti’s government seized the terminal illegally through a subsidiary.
Dubai's state-owned ports operator stated that this action will not negatively impact its financial commitments.
