April 4, 2019 / 11:16 AM / 22 days ago

London court orders Djibouti to pay $385 million for exclusivity breach: UAE news agency

DUBAI (Reuters) - The United Arab Emirates said on Thursday that the London Court of International Arbitration had ordered Djibouti to pay Doraleh Container Terminal (DCT), partially owned by DP World, $385 million plus interest for a breach of exclusivity.

UAE state news agency WAM said that the court had found that Djibouti had breached DCT’s exclusivity rights by developing new container port opportunities with China Merchants, a Hong Kong-based port operator.

The government of Djibouti seized the Doraleh Container Terminal from DP World in February over a dispute dating back to at least 2012.

Reporting by Asma Alsharif, Writing by Nafisa Eltahir, Editing by Alexander Smith

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