DP World quits Yemen port project
DP World, the world’s third-largest port operator, has sold some non-core operations in Belgium and has quit a venture in Yemen as part of a series of disposals of overseas assets, reported Khaleej Times.
In Belgium, DP sold its stake in DP World Breakbulk and AProjects, whose assets it said were worth US$61 million, to a company called Orienta.
"This sale forms part of a restructure of our businesses here in Antwerp, Belgium," said Rob Harrison, managing director of DP World’s businesses in Belgium.
In Yemen, the Dubai-based operator’s local unit sold its 50 per cent stake in Aden Port Development Co for US$27 million to its joint venture partner, state firm Yemen Gulf of Aden Ports Corp.
Harrison said the disposal of assets in Belgium would allow DP World to focus on its expertise in container terminal management and related areas.
DP World Breakbulk is a joint venture formed in 2007 and operates a general cargo terminal at the Port of Antwerp, while AProjects offers logistical services.
Under the agreement with Yemen Gulf of Aden Ports Corporation, DP World will cease its management of Aden Container Terminal on September 20, and Aden Port Development Company, a wholly owned subsidiary of YGAPC, will take full responsibility of the port’s operations.
YGAPC said in statement that 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 said the agreement reached protects the interests of DP World, its partners and the Yemeni parties who will run and operate a terminal boosted by two new Liebherr super post-panamax quay cranes.
"We believe that the work we have started will go a long way in further supporting the facility’s position."
