London Court of International Arbitration rules in favour of DP World n DP World has won a further legal hearing against the Government of Djibouti over the Doraleh Container Terminal. The new ruling by Tribunal says Djibouti acted illegally A Tribunal of the London Court of International Arbitration ordered Djibouti to restore the rights and benefits under the 2006 Concession Agreement to DP World and Doraleh Container Terminal within two months, or pay damages. An independent expert has estimated the losses to DP World at more than US$ 1 billion. The ruling by the Tribunal said Djibouti had acted illegally when it forcibly removed DP World from management of the terminal in February 2018, claimed it had terminated the ‘Concession Agreement’ and transferred the Terminal assets to a state-owned entity. The latest tribunal ruling is the sixth substantive ruling in DP World’s favour in the London Court of International Arbitration and the High Court of England and Wales. To date all have been ignored by Djibouti despite the original contract for the concession being written under and governed by English law. The Doraleh Container Terminal is the largest employer and biggest source of revenue in the country and has operated at a profit
DP World Jebel Ali every year since it opened. The Doraleh Container Terminal was found by an English court to have been a ‘great success’ for Djibouti, a press statement from DP World’s Management stated.
Dubai launches World Logistics Passport at WEF Davos n Dubai brought together Government leaders and heads of
major corporations from Asia, Latin America and Africa for the World Economic Forum Davos launch of the World Logistics Passport, a major initiative to boost South-South trade. The World Logistics Passport links Customs World, DP World, and Emirates Group to enhance connectivity through Dubai and, through expertise sharing and process development, directly between partner countries. The introduction of this pilot project, operational since July 2019, has already increased trade by participants by 10 percent. The World Logistics Passport has been designed to overcome the non-tariff trade barriers, such as logistics inefficiency, that currently limit the growth of trade between developing markets. South-South trade is already worth an estimated US$ 4.28 trillion annually, more than half of total developing countries exports in 2018, according to the WTO. However, many countries in Asia, Latin America and Africa have much smaller market shares in key export products in each other’s markets compared to their shares in developed countries, indicating the potential for substantial further growth, boosting prosperity. Designed as a points loyalty scheme, the initiative has been set up to incentivise companies and traders to use Dubai’s
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Sheikh Ahmed Bin Saeed Al Maktoum and DP World officials at the WEF in Davos 2020. world-leading logistics facilities in return for cost and time savings and enhanced customs clearances. “The World Logistics Passport will make trade through Dubai quicker, easier and more cost-effective, and help develop the economies of our partner countries,” noted Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, and Chairman of Ports, Customs and Freezone Corporation (PCFC), Dubai.
