Dubai-based global marine terminal operator, DP World, said it has reached an agreement with the Port of Fujairah to terminate its concession agreement to operate the Emirati port.
The operator’s UAE subsidiary had entered into the agreement in 2005 on a build, operate and transfer (BOT) basis to expand the Fujairah Container Terminal for container handling and transhipment, reported The National.
The termination agreement was recently signed by Mohammed Al Muallem, the managing director of DP World UAE Region, and Mousa Murad, general manager at the Port of Fujairah.
The transfer of operations from the company to the Port of Fujairah authorities has already been completed, it added.