DP World, Port of Fujairah to terminate port concession

The joint port concession agreement was signed in 2005 with the joint goal of building, operating and expanding the Fujairah Container Terminal for container handling and transshipment.    Port operator DP World UAE Region and the Port of Fujairah in the United Arab Emirates (UAE) have agreed to terminate their joint port concession agreement, DP World said.
   The termination agreement was signed on Sunday, and all port operations have been completely transferred from DP World to the Port of Fujairah authorities.
   Signed in 2005, the joint port concession agreement’s goal focused on building, operating and expanding the Fujairah Container Terminal at the port for container handling and transshipment.
   “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,” DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem said. “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.”
   “The termination and handover of the management of the port is taking place in accordance with the conditions of the agreement,” DP World UAE Region SVP and Managing Director Mohammed Al Muallem said. “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.”