DP World, the Dubai-based ports operator, said on Sunday it has agreed with the Port of Fujairah to terminate a deal to operate the Fujairah Port Concession.
DP World entered into the agreement in 2005 on a build, operate and transfer basis to expand the Fujairah Container Terminal.
The company did not elaborate on why it has terminated the agreement, but said in a statement: “We will continue to work closely with them [Port of Fujairah] to build on our strategic partnership and to ensure the interests of our customers and the country.”
Sultan Bin Sulayem, DP World group chairman and chief executive officer, added that DP World has worked with the port to “build a major asset that complements the infrastructure of the UAE, serving the needs and requirements of the country in Fujairah.”
The statement from DP World said that both parties have completed the transfer of operations from DP World to the Port of Fujairah authorities.
The termination and handover of the management of the port is taking place in accordance with the conditions of the agreement, the company said in the statement.