Dubai port firm sells stakes in Belgium, Yemen

AP News
Posted: Sep 20, 2012 10:29 AM
Dubai port firm sells stakes in Belgium, Yemen

DUBAI, United Arab Emirates (AP) — Dubai's government-backed port operator DP World says it has sold off stakes in port businesses in Belgium and Yemen.

The company said Thursday it sold its 60 percent stake in Belgium's DP World Breakbulk NV and AProjects NV to a buyer named Orienta NV. It says the businesses are worth $61 million.

Separately, DP World says it will no longer manage Yemen's Aden port after reaching a deal with Yemeni officials to divest its 50 percent stake in that business. Financial terms were not disclosed.

DP World is the world's third-largest seaport operator, with operations on six continents. The profit-making company is part of Dubai's troubled Dubai World conglomerate, but it was excluded from its parent's multibillion-dollar debt restructuring.