Dubai-based logistics giant DP World is moving forward with a $1.3B (GBP 1B) investment in its London Gateway port, as confirmed by the British government on Sunday. This comes after reports surfaced last week claiming the project had been paused in protest.
Sky News reported on Friday that DP World had delayed the investment, causing embarrassment for the government ahead of a major investor summit. The delay was reportedly in response to criticism from two ministers regarding P&O Ferries, a subsidiary of DP World.
Business Minister Jonathan Reynolds confirmed on Sunday that the investment would proceed following discussions with DP World. He told Sky News, “The investment is going ahead, and DP World will attend the summit.”
In 2022, P&O Ferries faced backlash after making 800 workers redundant, sparking criticism for replacing them with cheaper agency staff. Last week, Deputy Prime Minister Angela Rayner and Transport Minister Louise Haigh reiterated their disapproval of the company’s actions.
A Bloomberg report on Saturday indicated that DP World’s chairman would still participate in the summit, with the company confirming its commitment to the investment. A DP World spokesperson, in an emailed statement, said: “Following constructive discussions with the government, we now have the clarity we need and look forward to attending Monday’s International Investment Summit.”
The statement did not directly address the status of the investment plans.