Djibouti Nationalizes Port Company Stake in DP World Dispute

  • Government canceled DP World’s management contract in February

  • U.K. tribunal ruled last month that cancelation was unlawful

By Nizar Manek 10 September 2018
(Bloomberg) --
Djibouti’s government nationalized the national port company’s stake in the Doraleh Container Terminal, escalating its battle with DP World Ltd. for control of the harbor.
The step comes a month after a U.K. tribunal ruled that Djibouti’s cancellation in February of DP World’s contract to run DCT was unlawful. It also follows the High Court of England & Wales’ granting of an injunctionlast week restraining Port de Djibouti SA, or PDSA, from treating its joint-venture agreement with DP World as terminated.
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