Dubai’s DP World has won a ruling in a Hong Kong court against China Merchants Port Holdings regarding rights and concessions related to Djibouti’s container port. With the above ruling, DP World can now move to a full hearing against China Merchants Port before Hong Kong Courts. To give context, DP World and its JV company had filed several billions of dollars in claims against China Merchants Port, accusing the latter of inducing the government of Djibouti to expel DP World from the country and hand over the Doraleh terminal to China Merchants Port. The Emirati logistics company has been fighting cases regarding the terminal since 2018. With the latest ruling in favor of DP World, total damages due to the Dubai-based company stand at $686.5mn plus interest accruals.
DP World’s dollar bonds were trading marginally lower with its 3.75% 2030s down 0.3 points to 93.89, yielding 4.74%.
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