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FINANCIAL NEWS
Yemen plans to renegotiate container port accord with DP World
08 Jan 2012
(MENAFN) Yemeni Transport Minister, Waaed Bazeeb, said that the government plans to renegotiate the Aden container port deal with DP World, since the company failed to achieve targets, reported Gulf News.
Bazeeb added that four years ago, the Yemeni government inked a deal with DP World to establish a joint venture to develop and operate the Aden port, with the agreement between the two sides requiring USD220 million investment for the port’s development.
The minister also said that the Dubai-based ports operator missed a target of increasing container capacity to 900,000 20-foot equivalent container units (TEUs) by the end of last year, moreover, it failed to establish and provide infrastructure as indicated in the 2008 accord.
It is worth noting that a DP World official said that the company was not aware of such a decision by the Yemeni side.
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