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DP World wins Innovator of the Year award
September 12, 2018
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DUBAI: Global trade enabler DP World has been awarded the Gulf Business Innovator of the Year Award for its collaboration with Virgin Hyperloop One to develop the DP World Cargospeed system that will deliver on-demand freight at the speed of flight and closer to the cost of trucking.

The award was received on behalf of the two technology partners by Adnan Al Abbar, Senior Vice President - Planning and Project Management of DP World, at gala ceremony hosted by Gulf Business magazine, in the presence of industry leaders, government dignitaries and the media.

The award, which is adjudged by an experts panel and a public vote, cites the spirit of collaboration that motivates two global companies that believe in the power of innovation and technology.

Commenting on the achievement, Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, said, “DP World Cargospeed is the first initiative of its kind in the world and our partnership with Virgin Hyperloop One is aimed at pushing the boundaries of innovation. A shared long term vision and the spirit of collaboration have brought us together to shape the future of global logistics. DP World’s significant investment in Virgin Hyperloop One is a reflection of our commitment to reinforce the position of trade and logistics as the frontline growth engine. We thank Gulf Business magazine for recognising our partnership as the Innovator of the Year. We feel encouraged to continue believing in ourselves.”

DP World said on Tuesday that it will continue to pursue all legal means to defend its rights as a shareholder and concessionaire in Doraleh Container Terminal SA (DCT) in the face of Djibouti’s blatant disregard for the rule of law and respect for commercial contracts.

On 9 September the President of Djibouti enacted a decree which purportedly transferred the shareholding of Port de Djibouti SA (PDSA) in Doraleh Container Terminal SA (DCT) to the Government of Djibouti. PDSA is 23.5% owned by China Merchants Port Holdings Company Ltd of Hong Kong (“China Merchants”).

DP World said the transfer appears to have been made in an attempt to flout an injunction of the English High Court which restrains PDSA from using its shareholding to take control of DCT.

WAM

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