Dubai: DP World is content to leave its dispute over Djibouti’s seizure last week of the Doraleh Container Terminal in the hands of arbitrators, group chairman and chief executive Sultan Ahmad Bin Sulayem said on Tuesday.
Speaking on the sidelines of the Global Business Forum-Latin America, Bin Sulayem said: “We have already said what we need to say. There is an arbitration process which we are going through.”
Bin Sulayem had been on a panel with Ecuador’s Minister for Foreign Trade, Pablo Campania Saenz, to discuss business opportunities in that country, and DP World’s $1.2 billion (Dh4.4 billion) investment in the Ecuador’s deep-water port at Posorja.
On Thursday, Djibouti illegally seized control of the Doraleh Container Terminal from a Dubai Ports World-owned entity that designed, built and has operated the terminal pursuant to a concession awarded in 2006. DP World has lodged a claim against the seizure with the London Court of International Arbitration Tribunal. The court ordered the Djibouti government, which accused DP World of making illegal payments to secure its operating rights for the terminal, to pay the costs of arbitration and DP World’s legal costs in its partial final award.