DP World wins ruling against Djibouti over seized port

DP World wins ruling against Djibouti over seized port:

DP World said Tuesday it has won another arbitration ruling against Djibouti over the African country’s seizure of a container terminal managed by the Dubai-based global port operator. 


The company said a London tribunal ordered Djibouti to restore its rights and benefits under a 2006 concession agreement governing the Doraleh port within two months or pay damages. DP World estimates it has lost $1 billion since Djibouti took over the terminal in February 2018.

DP World, which is majority-owned by the Dubai government in the United Arab Emirates, operates nearly 80 marine and inland terminals around the world.

Djibouti seized the container terminal after DP World created another corridor for imports to landlocked Ethiopia in Somaliland, endangering Djibouti’s near-monopoly on Ethiopia’s imports.