DP World closes Egypt port after labour strikes

Dubai's port operator DP World shut down its Ain al-Sokhna port in Egypt on Thursday because of labour strikes that have cost it about 30 million Egyptian pounds ($5.02 million) in lost revenue, an official at the Red Sea port authority said. Workers began their strike on Tuesday to press for hardship allowances, wage restructuring and the dismissal of managers accused of mistreatment, the official said. Military officers and police started clearing the port buildings of workers and proceeded to shut it down pending further instructions, the official added.Sokhna, near the southern end of the Suez Canal, is Cairo's main port for cargo from the Far East.DP World is considered one of the more profitable assets of debt-laden Dubai World . The port operator is the world's third largest and is 80-percent-owned by the state-linked conglomerate. The firm temporarily suspended terminal operations at its Egyptian facility as a precautionary measure during the uprising that toppled President Hosni Mubarak earlier this year.