– DP World is moving ahead with its £1 billion ($1.3 billion) investment in London’s Gateway port, after concerns were raised about the project being paused.
– The investment was initially reported as halted due to government ministers criticizing practices at DP World’s subsidiary, P&O Ferries.
– Following discussions with the British government, DP World confirmed the project will continue, with participation in the upcoming International Investment Summit.
DP World is proceeding with its £1 billion ($1.3 billion) investment in the London Gateway port, as confirmed by the British government on Sunday. This follows reports suggesting the company had paused the project due to a dispute.
Earlier in the week, Sky News reported that DP World had halted the investment after government ministers criticized practices at its subsidiary, P&O Ferries. However, on Sunday, business minister Jonathan Reynolds confirmed that the investment was moving forward after discussions with the Dubai-based company. “We had to have a conversation following some of the press reports,” Reynolds said to Sky News, noting, “The investment’s going ahead, DP World are attending the summit.”
The controversy stems from 2022 when P&O Ferries laid off 800 staff, sparking backlash from politicians and unions due to plans to replace them with cheaper agency workers. P&O justified the layoffs as necessary for sustainability.
Last week, both Deputy Prime Minister Angela Rayner and Transport Minister Louise Haigh renewed their criticisms of P&O Ferries over the matter. A Bloomberg report on Saturday confirmed that DP World’s chairman would still attend the summit and that the investment was back on track.
In response to inquiries, a spokesperson for DP World stated, “Following constructive and positive discussions with the Government, we have been given the clarity we need. We look forward to participating in today’s International Investment Summit.” The company did not, however, directly address the status of the investment in their email to Reuters.
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