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London court orders Djibouti to pay $385 million for exclusivity breach - UAE news agency

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DUBAI (Reuters) – The United Arab Emirates said on Thursday that the London Court of International Arbitration had ordered Djibouti to pay Doraleh Container Terminal (DCT), partially owned by DP World, $385 million (£292.84 million) plus interest for a breach of exclusivity.

UAE state news agency WAM said that the court had found that Djibouti had breached DCT’s exclusivity rights by developing new container port opportunities with China Merchants, a Hong Kong-based port operator.

The government of Djibouti seized the Doraleh Container Terminal from DP World in February over a dispute dating back to at least 2012.

(Reporting by Asma Alsharif, Writing by Nafisa Eltahir, Editing by Alexander Smith)

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