Concession termination: DP World gets investors’ support

ABU DHABI (WAM):  The UAE International Investors Council has announced its support for the DP World Group and its legal measures against the Republic of Djibouti’s termination of the Dubai-based port operator’s concession contract at the Doraleh Container Terminal.

The Council said in a statement that it was surprised by the Djiboutian Government’s measures and its revocation of the agreement signed with one of the largest investors in its economy and infrastructure; “as the DP World, through its management of the Doraleh Container Terminal, supports about 10 per cent of the government’s annual spending through direct payments to the Government of Djibouti amounting to $89.2 million annually, other than the jobs, taxes, and indirect returns from the economic activity generated by the DP World’s operations.”

The UAE International Investors Council noted that it follows up with the case’s developments and supports all the measures to be taken by the DP World in order to retain its rights.

The Council noted that the Djiboutian Government’s position will seriously affect the existing UAE investments and the future directions of the Emirati investors in the Djiboutian market.

It is worth mentioning that the UAE International Investors Council serves as a link between the investors wishing to see the quality opportunities available in a friendly countries to the UAE and between the government agencies and companies involved in the investments’ flow process; in addition to its contribution in protecting the UAE Capital abroad by providing advice and guidance and logistical support, all the way to raising the investment rates in some countries, and overcoming the obstacles and challenges facing the UAE investments; so as to enhance the economic interests of the UAE and consolidate its position on the global investment map.

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