Port operator DP World's DPW.DI contract to manage the Mina Zayed port for Abu Dhabi Terminals (ADT) will not be renewed after it expires on Dec. 31, the two companies said in a statement on Thursday.
Following the expiry of the five-year management contract, ADT will resume management of the terminal. DP World said the earnings before interest, tax, dividend and amortisation (EBITDA) contribution from the agreement was 'not material' to the company.
ADT, which is a subsidiary of Abu Dhabi Port Company (ADPC), added that discussions surrounding operations for the new Khalifa Port in Abu Dhabi have not resulted in any binding agreement.
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