DP World, one of the world’s largest port operators, has signed agreements with agricultural commodity processors Adroit Canada and Al Amir Foods to develop two new agri-storage and processing units at Jebel Ali agri-terminal to boost food security in the UAE.
With an estimated investment of Dh200 million ($54.45m), the new units will have a “singular ecosystem” for bulk silo storage and agri-processing, Dubai Media Office said on Thursday.
The units, which will be built over a quayside plot measuring nearly 100,000 square metres, will account for an estimated annual trade of Dh900m and contribute to Dubai’s strategic plan of boosting foreign trade in the coming years.
The project is scheduled to commence operations in two years' time and will be expanded further in phases, DP World said.
DP World will also invest in the technologically advanced grain and pulses automated material-handling and ferrying systems as part of the project.
“Our vision is always set on achieving the country’s national goals by supporting initiatives such as the National Food Security Strategy 2051,” said Abdulla bin Damithan, chief executive and managing director of DP World UAE and Jafza
“In alignment with this, we look forward to amplifying trade for the UAE and the Middle East by enabling agri-trade and through our new developments in the Jebel Ali Port.”
The UAE government has been prioritising food security and innovation in agriculture amid disruption to the global food supply chain because of the coronavirus pandemic. It has announced a number of projects to boost food security in the country.
“Once functional, the facilities will certainly take advantage of our capabilities, resulting in sizeable new trade volumes for Dubai and increased investments for the port and the free zone in Jebel Ali,” said Mr bin Damithan.
“Most importantly, through these projects, we hope to support the 'Make it in the Emirates' initiative and Operation 300bn, which aims to raise the industrial sector’s contribution to Dh300 billion by 2031.”
AD Ports Group, the operator of ports, industrial cities and free zones in Abu Dhabi, is also developing one of the region’s largest food trading and logistics centres at Kizad. The project is being developed in partnership with the UAE’s Ghassan Aboud Group.
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Sholto Byrnes on Myanmar politics
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Florida: The critical Sunshine State
Though mostly conservative, Florida is usually always “close” in presidential elections. In most elections, the candidate that wins the Sunshine State almost always wins the election, as evidenced in 2016 when Trump took Florida, a state which has not had a democratic governor since 1991.
Joe Biden’s campaign has spent $100 million there to turn things around, understandable given the state’s crucial 29 electoral votes.
In 2016, Mr Trump’s democratic rival Hillary Clinton paid frequent visits to Florida though analysts concluded that she failed to appeal towards middle-class voters, whom Barack Obama won over in the previous election.
MATCH INFO
Azerbaijan 0
Wales 2 (Moore 10', Wilson 34')
RESULT
Arsenal 1 Chelsea 2
Arsenal: Aubameyang (13')
Chelsea: Jorginho (83'), Abraham (87')
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
Captain Marvel
Director: Anna Boden, Ryan Fleck
Starring: Brie Larson, Samuel L Jackson, Jude Law, Ben Mendelsohn
4/5 stars
