Dubai-based port operator DP World has announced that it has reached an agreement with Port of Fujairah to terminate a deal to operate the Fujairah Port Concession.
DP World entered into the agreement with Port of Fujairah in 2005 on a build, operate and transfer basis to expand and develop the Fujairah Container Terminal.
DP World didn’t give specific reasons for the contract termination.
“The termination and handover of the management of the port is taking place in accordance with the conditions of the agreement. We are proud of our record in supporting our partners in Fujairah, developing the capability of the port and its efficiency and we wish them continued success,” said Mohammed Al Muallem, DP World UAE Region SVP and Managing Director.
“For over a decade we worked closely with the Port of Fujairah to build a major asset that complements the infrastructure of the UAE, serving the needs and requirements of the country and Fujairah in line with the vision of our leadership to diversify the national economy in preparation for the post oil era. We will continue to work closely with them to build on our strategic partnership and to ensure the interests of our customers and the country,” said Sultan Ahmed Bin Sulayem, DP World Group Chairman and CEO.