Credit to Photo Facebook/Ruthless Djibouti dictator Ismaïl Omar Guelleh and his wife Kadra Mahamoud Haid
A US court has enforced LCIA awards worth over US$486 million won by a subsidiary of the UAE’s DP World against the East African state of Djibouti over a strategic port facility on the Red Sea, according to Global Arbitration reported.
Dubai’s DP World ruled that Djibouti’s port company, Port de Djibouti breached a joint venture agreement over a container terminal with DP World by wrongfully attempting to end it.
DP World and Djibouti have been in dispute since 2012 over DP World’s concession to operate the Doraleh Container Terminal, located in the Horn of Africa along strategic trade routes at the southern entrance to the Red Sea.
DP World won legal means to defend its rights as shareholder and concessionaire in the Doraleh Container Terminal, of which it owns a third.
DP World is majority-owned by the Dubai government in the United Arab Emirates.
DP World is seeking billions of dollars in damages. International courts and tribunals have already awarded it $486 million.
If Djibouti dictator Ismail Omar Guelleh fails to pay $486 million to DP World, the court says they will be collecting Djibouti’s foreign assets around the world.