DP World officially hands over Yemen Port
DP World and Yemeni parties have reached an "amicable agreement" which sees the Dubai-based port operator divesting its interest in the Dubai and Aden Ports Corporation (DAPDC).
Under the agreement, DP World will cease its management of Aden Container Terminal and Aden Port Development Company, a wholly owned unit of Yemen Gulf of Aden Ports Corporation (YGAPC), will take over operations.
The value of the gross assets divested by DP World is $27m, a statement said.
YGAPC said: "We are pleased to have reached an agreement with DP World on an amicable basis after due deliberation.
"The agreement protects the interests of the Republic of Yemen and YGAPC and secures the future for this strategically located terminal. It provides stability and an excellent base from which to boost the national economy.
"We are excited by the prospect of building on the progress made so as to further develop and expand the Port to realise its full potential as a leading modern and efficient transhipment hub."
DP World added that it was "very satisfied" with the agreement.
"We believe that the work we have started will go a long way in further supporting the facility’s position," it said.
In June, Yemen's anti-corruption body said it would ask parliament to cancel the deal with the world's third largest port operator, claiming the company had failed to carry out investment projects on time.
At the time, DP World said the allegations were "misleading and unfounded".