Dubai’s DP World, one of the top global ports operator, has agreed with Port of Fujairah to terminate the Fujairah Port Concession Agreement.

DP World UAE Region entered into the agreement in 2005 on a build, operate and transfer (BOT) basis to expand and develop the Fujairah Container Terminal at the port for container handling and transhipment, according to a DP World statement to Nasdaq Dubai, where the port operator’s shares are traded.

Both parties have completed the transfer of operations from DP World to the Port of Fujairah authorities, it added.

Sultan Ahmed bin Sulayem, DP World Group chairman and chief executive said that the company has worked with closely with the Port of Fujairah for a decade to build a major asset that complements the infrastructure of the UAE. “We will continue to work closely with them to build on our strategic partnership and to ensure the interests of our customers and the country,” he was quoted as saying in the statement.

DP World which had reported $1.13bn in profit attributable to its owners, a 27.6 per cent rise, relies on its operations in the Middle East, Europe and Africa (MEA) for most of its revenues, which accounted for roughly 74 per cent of the total revenue for the year.

In August, Bin Sulayem said he was confident that the company will meet revenue expectations for the full year 2016 based on its strong performance for the first half of the year, and despite a challenging market environment and slowing global trade.

The port operator had finalised the sale of a 45 per cent stake in Canada’s Vancouver and Prince Rupert ports to Caisse de Depot et Placement du Quebec (CDPQ) in January. The sale is valued at CAD$869m ($655m). The transaction will seed the $3.7bn investment vehicle between DP World and CDPQ, a pension fund. DP World maintains a 55 per cent shareholding in the investment fund, with CPDQ accounting for the remainder.