DJIBOUTI/LONDON: Djibouti has ended a contract with Dubai’s DP World, one of the world’s biggest port operators, to run its Doraleh Container Terminal, the president’s office said on Thursday.
“The Republic of Djibouti has decided to proceed with the unilateral termination with immediate effect of the concession contract awarded to DP World,” the office of President Ismail Omar Guelleh said in a statement.
DP World called the move an illegal seizure of the terminal and said it had begun new arbitration proceedings before the London Court of International Arbitration, which has reviewed previous claims related to the dispute.
“We demand that the Government [of Djibouti] will cease its unlawful conduct and continue to work as partners with us,” DP World said in its statement.
The termination of the contract would have no material financial impact on the company, it said.
Last February, the London Court of International Arbitration cleared DP World of all charges of misconduct over a concession to operate the terminal, Dubai’s government said at the time.
In 2014, the government of Djibouti lodged claims accusing DP World, majority-owned by the Dubai government, of illegal payments to secure a 50-year concession for the Doraleh Container Terminal, the Dubai government said.
The president’s office said the contract was ended after the failure to resolve a long-running dispute between the two parties that started in 2012.
It gave no other details on the nature of the dispute, but said it took the decision to protect its “national sovereignty and economic independence.”
“It should be noted that the Doraleh Container Terminal (DCT) will now be under the authority of the Doraleh Container Terminal Management Company which is fully owned by the government,” the statement said.
Djibouti ends Dubai’s DP World contract to run container terminal
Djibouti ends Dubai’s DP World contract to run container terminal
Closing Bell: Saudi main index closes in red at 10,414
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Wednesday, shedding 38.85 points, or 0.37 percent, to finish at 10,414.06.
Total trading turnover on the benchmark index reached SR3.46 billion ($920 million), with 123 stocks advancing and 134 declining.
The Kingdom’s parallel market Nomu also shed 41.61 points, or 0.18 percent, to close at 23,428.67.
The MSCI Tadawul Index edged down 0.45 percent to 1,368.36.
Arabian Drilling Co. was the best-performing stock on the main market, with its share price rising 6.8 percent to SR102.90.
Naqi Water Co. gained 4.30 percent to SR58.25, while Saudi Ground Services Co. advanced 3.78 percent to SR38.42.
Tihama Advertising, Public Relations and Marketing Co. saw its share price fall 4.95 percent to SR16.31.
AlAhli REIT Fund 1 also declined 3.53 percent to SR6.29.
On the announcements front, United Mining Industries Co., listed on the parallel market, said it has begun commercial production of gypsum board at its plant in Yanbu.
In a Tadawul statement, the company said the financial impact of the project’s commercial production will be reflected in the first quarter of 2026.
United Mining Industries Co.’s share price was unchanged, closing at SR42.54.
Dkhoun National Trading Co. said its shareholders approved the board’s recommendation to distribute interim dividends on a semi-annual or quarterly basis for 2025.
According to a Tadawul statement, shareholders also approved transferring the balance of the company’s statutory reserve, valued at SR2.43 million, to retained earnings.
Dkhoun National Trading Co.’s shares saw no trades and closed at SR65.
