Dubai's DP World wins ruling in Hong Kong court over Djibouti port concessions

Dubai's DP World said on Tuesday it won a ruling against China Merchants Port Holdings, the latest one in a litigation it has filed over its rights and concessions related to the Djibouti container port. The Dubai-based port operator said a Hong Kong court has dismissed the latest request by China Merchants seeking permission to file a second appeal against its previous decision that DP World's suit against the company should be heard before Hong Kong Courts, and not Djibouti courts, as China Merchants has sought. The ruling means DP World can finally move to a full hearing against China Merchants before Hong Kong Courts, it added. DP World and joint venture company Doraleh Container Terminal have filed multi-billion dollar claims against China Merchants alleging that it induced the government of Djibouti to expel DP World from the country and hand over the Doraleh terminal to China Merchants. Djibouti said in 2018 it was placing the terminal in state hands and since then it has been operated by a Port de Djibouti S.A., a company controlled by the Djibouti government. The latest ruling follows one earlier this year by the London Court of International Arbitration (LCIA) against Djibouti, awarding interim damages of $200 million for damages caused for the period between 23 February 2018 to 31 December 2020. That was the eighth decision by an international court or tribunal in favour of DP World and total damages due to DP World now amount to $686.5 million, plus accruing interest, the port operator said. (Reporting by Brinda Darasha; editing by Seban Scaria) brinda.darasha@lseg.com

Dubai's DP World wins ruling in Hong Kong court over Djibouti port concessions

DISCOVER MORE

Abu Dhabi launches app for safe maritime navigation

AD Ports unveils several agreements to bolster activities in Egypt

Abu Dhabi Maritime launches online booking platform for Public Water Transport

Riyadh public transport buses begin operation

VPorts in deal to set up first vertiport in Ras Al Khaimah

Dubai: RTA to shift 80% taxis from street hailing to e-hailing

Etihad Rail to boost UAE's economic growth, research shows

AD Ports to develop and operate Safaga Port in Egypt

Can GCC banks manage contagion risk from Silicon Valley Bank collapse?

Saudi National Bank says no impact on growth plans from Credit Suisse

SNB offers $100bln to help UBS Group take over Credit Suisse

Oman reveals list of 103 countries whose citizens can visit visa free

Dubai is proactively developing plans to accelerate digital growth - Sheikh Hamdan

AD Ports Group launches new digital district at Zayed Port

AD Ports Group to develop new multipurpose terminal in Congo

AD Ports Group signs HoT for new multipurpose terminal in Pointe Noire Port, Congo

UAE's Fujairah port set for robust growth as Russian oil trade reshuffles

UAE Regulations Lab issues license for Electric Vertical takeoff and landing aircraft

LATEST VIDEO

VIDEO: Saudi crown prince launches new national airline

ZAWYA COVERAGE

ACWA Power CEO Paddy Padmanathan retires after 18 years of service

Dubai’s DEWA, JPMorgan tackle ways to cooperate in green, sustainable financing

Saudi ACWA Power signs deals to invest $2.5bln in green projects in Uzbekistan

Healthcare expenditure in GCC to reach $135.5bln in 2027

Amazon to cut 9,000 jobs in second round of layoffs

India's strong corporate debt profile key to macroeconomic stability

Somalia's drought killed 43,000 last year, half under five

Mideast Stocks: Most Gulf bourses end lower as oil prices drop; Egypt rises

UAE President, Romanian President review bilateral relations, regional issues

THE BRI REPORT

China is reshaping the Belt and Road Initiative ahead of a post-pandemic era

DISCOVER MORE

LATEST VIDEO

ZAWYA NEWSLETTERS

ZAWYA COVERAGE