12 October 2024 , 17:06
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A £1bn investment in Britain by port operator DP World will go ahead as planned, after a frantic effort by ministers and diplomats to repair relations following a row with the Dubai-owned multinational that threatened to overshadow a crucial investment summit.
On Friday, Sky News revealed that the planned investment was under review and that DP World’s chairman, Sultan Ahmed bin Sulayem, had cancelled plans to attend the summit, following criticism by ministers of P&O Ferries, a subsidiary company.
On Wednesday, Transport Secretary Louise Haigh described P&O Ferries, which summarily sacked 800 seafarers in March 2022, as a "rogue operator" and called for a consumer boycott.
Her comments caused considerable offence to DP World’s leadership as it prepared to sign-off of the £1bn investment in London Gateway container port, timed to coincide with the summit.
In an attempt to salvage the situation Sir Keir Starmer slapped down Ms Haigh, saying the government did not share her views, and officials from Downing Street and the Foreign Office are understood to have been involved in efforts to repair relations.
DP World has told Sky News that Mr bin Sulayem will attend the event in London and it is understood the investment will be confirmed as planned, before a row with ministers threw the flagship announcement into doubt.
A DP World spokesperson told Sky News: "Following constructive and positive discussions with the government, we have been given the clarity we need. We look forward to participating in Monday’s International Investment Summit."
Mr bin Sulayem is expected to meet the UK’s prime minister, perhaps as soon as Sunday, when delegates will gather for a reception in central London.
The investment in London Gateway will see the addition of two new berths taking the total to six, and a second rail terminal. Capacity, currently at almost two million containers a year, will double and the port is expected to become Britain’s largest by volume within five years.
The investment is expected to create 400 full-time jobs in addition to the 1,200 people already employed at London Gateway, and will take the total spent at the facility on the Thames Estuary in Essex, near the village of Corringham, to more than £3bn.
A logistics park employing 1,500 people has also been developed adjacent to the port, formerly the site of a Shell oil refinery.
DP World owns ports and logistics operations in more than 60 countries and generated global revenues of almost £14bn last year.