DP World gives up Yemen JV for USD27m

22 Sep 2012

(MENAFN) DP World has reached an agreement with Yemeni port officials to sells its stake in a joint venture for USD27 million, Arabian Business reported.

DP World, the world’s third largest operator of container ports, will sell its 50 percent stake in Dubai and Aden Ports Corporation (DAPDC) to Aden Port Development Company, a wholly owned unit of Yemen Gulf of Aden Ports Corporation (YGAPC).

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.

DP World described the deal as amicable, thus strengthening the excellent relationship between the governments and peoples of Yeman and the UAE.

At the time, DP World said the allegations were “misleading and unfounded”.

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