DP World-owned Imperial has acquired a controlling stake in Africa FMCG Distribution in Nigeria as the global ports operator continues to expand its presence in the continent.
Part of the Chanrai Group of Companies, AFMCG represents multinational fast-moving consumer goods (FMCG) companies and their brands and distributes various products across the African continent. Its services also extend to co-manufacturing, co-packing, sourcing and value-added services in the FMCG sector, the Dubai Media Office said in a statement on Tuesday.
It also offers a nationwide route-to-market solution across multiple channels in Nigeria.
No further details of the transaction were disclosed.
“This transaction is aligned with our ambition of becoming the leading market access and logistics partner in Africa by connecting trade flows into and out of Africa,” Sultan Ahmed bin Sulayem, group chairman and chief executive of DP World, said.
“AFMCG boasts unmatched route-to-market solutions in Nigeria. It also offers strategic value to DP World from a supply chain and FinTech perspective, in line with our strategic objective of leveraging assets and logistics to create an integrated global supply chain — from the factory floor to the customer’s door,” he added.
The move is in line with the Dubai government’s five-year strategy to boost trade ties with promising global markets, the statement said.
Last year, Dubai adopted a five-year foreign trade plan to boost its status as an international business hub, focusing on high-growth markets in Africa, Latin America and Asia.
DP World is one of the world’s biggest operators of marine ports and inland cargo terminals, with gateways from London and Antwerp and hubs in Africa, India, Russia and the Americas.
The Dubai-based company has been on an acquisition spree as it attempts to become a more diversified and integrated logistics company.
It has been focusing on Africa, and in February, concluded its acquisition of South Africa’s Imperial Logistics.
DP World currently operates nearly nine ports and terminals across eight African countries, including Algeria, Angola, Egypt, Mozambique, Rwanda, Senegal, Somaliland and South Africa.
With a surging population of more than 1.4 billion across more than 50 nations, Africa is “centrally positioned to fit into the global trade and supply chains”, the statement said
“Developing trade corridors and port infrastructure is critical to connecting the continent to drive economic growth and development,” it added.
“This strategic transaction further enhances our foothold in this significant market and allows us to offer further benefit to our principals and keep pace with the evolving needs of the African consumer,” Subodh Chanrai, chairman of AFMCG, said.
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
Essentials
The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.
The five pillars of Islam
Read more from Aya Iskandarani
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
