The Arbitration Tribunal rules the dispute between DP World PLC and the Kingdom of Belgium
The Antwerp Port Authority has taken note of the interim ruling by the Arbitration Tribunal of the International Centre for Settlement of Investment Disputes (ICSID) on the investment dispute between DP World PLC and the Kingdom of Belgium, according to the company s release.
The ruling is nuanced and does not yet definitively settle the investment dispute. On the one hand, the Arbitration Tribunal considers that the decision of the Antwerp Port Authority to repossess an (unused) part of the concession of Antwerp Gateway (subsidiary of DP World PLC) in 2014 constitutes what is known as a partial ‘expropriation’ (‘repossession of an investment’) of this concession agreement within the meaning of the Bilateral Investment Treaty (BIT) between the Belgian Luxembourg Economic Union (BLEU) and the United Arab Emirates (UAE). An ‘expropriation’ is permitted provided that five cumulative
DP World Container Volumes Soar 7 6 Percent in Q4 2020
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DP World container volumes surge 7.6% in Q4 2020
DUBAI, February 8, 2021 DP World handled 19.1 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the fourth quarter (Q4) of 2020, with gross container volumes increasing by7.6% year-on-year on a reported basis and up6.5% on a like-for-like basis . On a FY2020 basis, DP World handled 71.2 million TEU, flat year-on-year and up 0.2% on a like-for-like basis. Fourth quarter like-for-like gross volume growth was mainly driven by India, Europe, Middle East & Africa and Americas with a strong performance from Mundra (India), London Gateway (UK), Rotterdam (Netherlands), Antwerp Gateway (Belgium) and Sokhna (Egypt). In Americas, growth was driven by DP World Santos (Brazil) and Vancouver (Canada). Jebel Ali (UAE) handled 3.4 million TEU in 4Q2020, up 0.3% year-on-year.
We are the leading provider of worldwide smart end-to-end supply chain logistics, enabling the flow of trade across the globe. Our comprehensive range of products and services covers every link of the integrated supply chain - from maritime and inland terminals to marine services and industrial parks as well as technology-driven customer solutions. We deliver these services through an interconnected global network of 136 business units in 61 countries across six continents, with a significant presence both in high-growth and mature markets. Wherever we operate, we integrate sustainability and responsible corporate citizenship into our activities, striving for a positive contribution to the economies and communities where we live and work.
Dubai’s DP World confident of meeting 2021 targets
Waheed Abbas/Dubai
File photo
Global ports operator expects to report relatively stable 2020 performance
Global ports operator DP World on Monday said 2021 started on a strong note and is confident of meeting its 2022 targets.
“Looking ahead, while 2021 has started encouragingly, the outlook remains uncertain given the continued issues surrounding the pandemic, geopolitical uncertainty in some parts of the world and the ongoing trade war,” said Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World.
He said, overall solid volume performance leaves the firm well placed to deliver a relatively stable financial performance in 202o. “We remain focused on containing costs to protect profitability, managing growth capex to preserve cashflow and are confident of meeting our 2022 targets,” he added.
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