DP World shares received a boost yesterday after the world's third-largest port operator said it was exiting its Aden port investment in Yemen and selling non-core operations in Belgium.
It sold its 50 per cent stake in the company managing the container terminal of the port of Aden to its joint venture partner, the Yemen Gulf of Aden Ports Corporation.
The exit brings to a close an increasingly strained relationship between DP World and Yemen's post-revolutionary government over the management of the port.
"The agreement reached protects the interests of DP World, its partners and the Yemeni parties who will run and operate a terminal boosted by two new Liebherr Super Post-Panamax quay cranes," DP World said.
"We believe that the work we have started will go a long way in further supporting the facility's position."
DP World said it was also selling all 60 per cent of its shares, valued at US$61 million (Dh224.05m), in its dry-bulk business in Antwerp to a company known as Orienta.
Investors in DP World reacted positively to both announcements. Its stock value rose 1 per cent on the Nasdaq Dubai to $11.20 during afternoon trading.
Shares in the company's listing on the London Stock Exchange moved 2.5 per cent higher to 705 pence in afternoon trading.
"These are two fairly small disposals, which DP World will not be unhappy about," said an equity analyst who asked to remain anonymous.
"In theory, Aden is a fantastic location but political reasons have made it a tricky port to manage and bear in mind that DP World has a large investment in Djibouti, which covers the same transshipment route."
Neither divestment is expected to radically change DP World's recent resilient performance in the face of headwinds battering the global shipping industry.
Stronger container volume growth than its rivals in the first half of the year helped the firm capture a larger market share of the container industry, its core operation.
The decision to terminate its Aden operations comes four years into a 30-year management deal signed under Ali Abdullah Saleh, the Yemeni president who stepped aside in February after more than three decades in power. Following that, DP World's future involvement in the port became more uncertain.
In June, the country's anti-corruption body called for the renegotiation of the contract to operate the Aden container terminal and the nearby Ma'alla container terminal. DP World rejected claims by the body that it had broken its contractual obligations.
The restructuring of its Antwerp operations forms part of a company strategy to dispose of non-core assets in developed markets.
"This sale forms part of a restructure of our businesses here in Antwerp and will allow us to strategically focus on our expertise in excellent container terminal management and technical capability in which we have extensive experience," said Rob Harrison, the managing director of DP World's businesses in Belgium.
DP World Breakbulk was formed as a joint venture in 2007 and operates a general cargo terminal at the Port of Antwerp.
DP World last year sold its Australian operations for $1.5 billion to the private equity firm Citi Infrastructure Investors.
tarnold@thenational.ae
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Everybody%20Loves%20Touda
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if you go
The flights
Fly to Rome with Etihad (www.etihad.ae) or Emirates (www.emirates.com) from Dh2,480 return including taxes. The flight takes six hours. Fly from Rome to Trapani with Ryanair (www.ryanair.com) from Dh420 return including taxes. The flight takes one hour 10 minutes.
The hotels
The author recommends the following hotels for this itinerary. In Trapani, Ai Lumi (www.ailumi.it); in Marsala, Viacolvento (www.viacolventomarsala.it); and in Marsala Del Vallo, the Meliaresort Dimore Storiche (www.meliaresort.it).
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Kandahar%20
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Company%20profile
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57%20Seconds
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THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
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Company%20profile
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
SERIE A FIXTURES
Friday (UAE kick-off times)
Sassuolo v Bologna (11.45pm)
Saturday
Brescia v Torino (6pm)
Inter Milan v Verona (9pm)
Napoli v Genoa (11.45pm)
Sunday
Cagliari v Verona (3.30pm)
Udinese v SPAL (6pm)
Sampdoria v Atalanta (6pm)
Lazio v Lecce (6pm)
Parma v Roma (9pm)
Juventus v Milan (11.45pm)
Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
UAE currency: the story behind the money in your pockets
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Company%20Profile
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