In three years since its opening, at the Emirates Golf Club the entertainment complex has broken records and is ranked only second to Topgolf Las Vegas
sports2 hours ago
Djibouti's controversial decision to abruptly end a contract with DP World to run its Doraleh Container Terminal will have implications on African continent's ability to attract foreign investments, the CEO of the global ports operator said on Thursday.
"This action by Djibouti is a setback for Africa to attract global investment. Banks will now be extra careful in financing projects in African countries," DP World group chairman and CEO Sultan Ahmed bin Sulayem said.
Speaking to reporters, Bin Sulayem said he could not make any further comments as the dispute is under arbitration process in London. DP World has called the Djibouti move illegal and said it had begun proceedings before the London Court of International Arbitration, which last year cleared the company of all charges of misconduct over the concession.
"Africa needs infrastructure investments and if countries can change their law as they wish, it will be more difficult of them to attract investment," Bin Sulayem said after reporting full-year earnings. "The government is getting wrong advice," he said about the seizure of the port by Djibouti.
The African state had previously alleged DP World paid bribes when the concession was awarded in 2006, allegations denied by the company and rejected by the UK High Court in 2016. The six-year dispute threatens to sour relations and could damp investor appetite for Djibouti. On Somalia's parliament move to ban DP World from operating in the country, saying that a contract that the Dubai-based company signed in 2017 with the breakaway Somaliland region to develop an economic zone is null and void, Bin Sulayem said: "It doesn't concern us."
The ports operator said it remains committed to the port project in Somaliland despite Somalia's move to ban. It is unclear how Somalia's federal government could enforce the ban given Somaliland's semi-autonomous status.
The ban come after Dubai announced a tripartite agreement dividing the Berbera port between DP World (51 per cent), the Ethiopian government (19 per cent), and Somaliland (30 per cent).
- issacjohn@khaleejtimes.com
In three years since its opening, at the Emirates Golf Club the entertainment complex has broken records and is ranked only second to Topgolf Las Vegas
sports2 hours ago
Profit-making or loss-ridden, sell all state enterprises, Prime Minister Shahbaz Sharif says; announcement comes amid talks on new IMF loan
asia2 hours ago
Liverpool host Wolverhampton Wanderers on Sunday, which will be Klopp's last game at home at Anfield
football2 hours ago
The India's tech hub has lost 79% of its bodies of water and 88% of its green cover over 40 years, while areas covered by concrete have increased 11-fold
asia2 hours ago
Alessandra Priante's appointment perfectly aligns with the objective of the new ENIT to bolster the attractiveness of Italy's tourism offerings
kt network2 hours ago
Pressure mounts in the cash-strapped country for the hundreds of thousands refugees to go home
mena2 hours ago
Heavy rainfall impacted DXB operations significantly on April 16 and consecutive days, disrupting flight schedules and baggage handling
aviation2 hours ago
Six WSL games played at the Emirates this season were watched by an average crowd of just over 52,000
football2 hours ago