Djibouti and DP World win prestigious finance awards

The existing Port of Djibouti is managed by DP World who, in a joint venture partnership with the Djibouti government, are also developing the new Doraleh terminal, where operations are due to begin next early year.

The development is being financed through an innovative shariah compliant Islamic financing arrangement, and in January, the World Bank Group's MIGA provided its first-ever guarantee for shariah-compliant project financing for the development.

The $427 million guarantee supports investments into the new container terminal, which is expected to significantly improve port facilities and help the country become a major business hub in East Africa.

Euromoney publication Project Finance magazine awarded Doraleh container terminal the Africa Transport/Ports Deal of the Year 2007 at a ceremony held in Dubai last night.

The award was accepted by Abdourahman Boreh, Chairman of Djibouti Port and Free Zone Authority, representing the joint venture with DP World.

Malaysia's Islamic Finance News magazine also recently presented Djibouti with Best Country Deal award for the Doraleh container terminal financing, stating it was the first major Islamic financing in Djibouti.

The awardees are chosen through a comprehensive survey of finance peers.

Mr Boreh accepted the award together with Mohammed Al Muallem, Senior Vice President and Managing Director of DP World's UAE Region.

Mr Boreh said, "We are delighted Djibouti has been recognised with these awards. They reflect the success of our partnership with DP World and its ultimate parent Dubai World, which continues to bring substantial benefits to the people and economy of Djibouti."

DP World CEO Mohammed Sharaf said, "We see long term public-private partnerships as a model that is win win for all - as the economy grows so does the business. We look forward to further investing in Djibouti and our partnership into the future".