The P&O Ferries owner's $1 billion investment in the UK will continue despite calls for a boycott of the shipping company by the transport minister | business news

Port operator DP World's $1 billion investment in the UK will go ahead as planned after desperate efforts by ministers and diplomats to repair relations following a row with the Dubai-owned multinational that threatened to overshadow a key investment summit. It is planned.

Sky News revealed on Friday that the planned investment was under review and that DP World chairman Sultan Ahmed bin Sulayem had canceled plans to attend the summit following criticism from ministers from subsidiary P&O Ferries.

On Wednesday, Transport Secretary Louise Haigh branded P&O Ferries a 'rogue operator' after it summarily dismissed 800 crew members in March 2022 and called for a consumer boycott.

Her comments came as a significant blow to DP World as it prepares to approve a £1 billion investment in the London Gateway container port in time for the summit.

To salvage the situation, Sir Keir Starmer hit out at Mr Hay, saying the government did not share his views and that Downing Street and Foreign Office officials were understood to be involved in efforts to repair relations.

DP World told Sky News that bin Sulayem will attend an event in London and that it is understood the investment will be finalized as planned before arguments with ministers throw key announcements into doubt.

Image: DP World CEO Sultan Ahmed bin Sullaem. Photo: AP

A DP World spokesperson told Sky News: “Following constructive and positive discussions with the government, we have gained the clarity we need. We look forward to participating in the International Investment Summit on Monday.”

Prime Minister Bin Sullaem is expected to meet his British counterpart, possibly as early as Sunday, when a delegation will gather for a reception in central London.

Read more business news: Boeing to cut 17,000 jobs

Image: Louise Haigh. Photo:PA

The investment in London Gateway will see the addition of two new berths, bringing the total to six berths and a second rail terminal. Capacity, currently at almost two million containers per year, will be doubled and the port is expected to become the UK's largest by volume within five years.

The investment is expected to create 400 full-time jobs, in addition to the 1,200 staff already employed at London Gateway, and will take the total spend on the facility on the Thames Estuary in Essex, near the village of Corringham, to more than £3 billion. .

Image: Map showing the location of Essex in London's Gateway Port.

A logistics park employing 1,500 people has also been developed near the port, which previously housed a Shell refinery.

DP World operates ports and logistics operations in more than 60 countries and generated global revenues of around £14 billion last year.

A government spokesman said: “DP World's investment in the UK is a vote of confidence in the stability and seriousness of the government. We welcome the jobs and opportunities this will create.”

“This Government is realizing Britain’s potential and ambitions by working with businesses and investors around the world. As demonstrated by the International Investment Summit, the UK is open for business once again.”

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