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DP World hits one-month high despite Djibouti row

: Thursday, July 10 - 2014 @ 17:08

The FTSE NASDAQ Dubai UAE 20 Index finished the second trading week in Ramadan at 4251.56, up by 1.38 per cent, from the previous close.

DP World surged by 1.27 per cent to reach $20, the highest level since June 11. On Wednesday, the Wall Street Journal revealed the government of Djibouti’s filing to the London court of international arbitration, “alleging that the global ports operator paid bribes to secure a concession to run the Doraleh container terminal (DTC) in the year 2000″. The government of Djibouti revealed that it rescinded DP World’s 20-year concession, as per a government statement. DP World, on the hand, revealed in a filing to the NASDAQ Dubai yesterday, confirming media reports, that the office of the inspector-general of Djibouti is investigating the awarding of the DCT concession and has filed for arbitration before the London court of international arbitration. DP World, which runs more than 65 container terminals across all continents, added that it will continue to manage DCT in accordance with the terms of its concession agreement pending the determination of the arbitral tribunal, “in order to maintain the operational status quo and mitigate disruption at the terminal”.

Gérard Al-Fil

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Thursday, July 10- 2014 @ 17:08 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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