DP World sells Yemen port venture stake

Monday, 24 September 2012 00:00 - - {{hitsCtrl.values.hits}}

Global port operator DP World said it has reached an agreement with Yemeni port officials to sell its entire 50 per cent stake in the Yemeni port venture, Dubai and Aden Ports Corporation (DAPDC) for $27 million.

As per the new agreement, Aden Port Development Company, a wholly-owned unit of Yemen Gulf of Aden Ports Corporation (YGAPC), will be responsible for the Aden port operations from today, said a statement from Dubai-based DP World.

DP World said an amicable agreement has been reached with Yemeni authorities, thus strengthening the excellent relationship between the governments and peoples of Yeman and the UAE.

Last month media reports in Yemen said that the ports authority had begun contacts with DP World on cancelling the contract to manage Aden port.

The reports citing a senior Yemeni transport ministry official said the board of Gulf of Aden Ports Corp had decided to cancel the DP World agreement and was in contact with the Dubai port operator to complete the process of cancellation amicably.