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Dubai government-backed port operator DP World has divested its interest in Dubai and Aden Ports Corporation (DAPDC) to Yemen Gulf of Aden Ports Corporation (YGAPC)
DP World’s local unit sold its 50 per cent stake in Aden Port Development Co for US$27mn.
Under the agreement, DP World will cease its management of Aden Container Terminal (ACT) and Aden Port Development Company, a wholly-owned subsidiary of YGAPC, will take full responsibility of the port’s operations.
“We are pleased to have reached an agreement with DP World after due deliberation. We are excited by the prospect of building on the progress made so as to further develop and expand the Port to realise its full potential as efficient transhipment hub,” YGAPC said in a statement.
The world’s third-largest port operator has also sold some non-core operations in Belgium.
In Belgium, DP sold its stake in DP World Breakbulk NV and AProjects NV, whose assets it said were worth US$61mn, to Orienta NV.
“This sale forms part of a restructure of our businesses here in Antwerp, Belgium,” Rob Harrison, managing director of DP World’s businesses in Belgium, said in a statement.