DP World UAE has signed two new development projects with multinational agricultural commodity processors to boost food security in the UAE. Photo: Dubai Media Office
DP World UAE has signed two new development projects with multinational agricultural commodity processors to boost food security in the UAE. Photo: Dubai Media Office
DP World UAE has signed two new development projects with multinational agricultural commodity processors to boost food security in the UAE. Photo: Dubai Media Office
DP World UAE has signed two new development projects with multinational agricultural commodity processors to boost food security in the UAE. Photo: Dubai Media Office

Business

DP World signs deals to develop new agri-storage and processing units at Jebel Ali port

Total investment in the project is estimated at about $54m

Fareed Rahman
Fareed Rahman

July 28, 2022

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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.

Jebel Ali port in Dubai
Jebel Ali port in Dubai

“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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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Updated: July 28, 2022, 11:16 AM
DubaiFood security