Global ports giant DP World reported a 2.1 per cent increase in gross container volumes during the third quarter of 2022 as global trade flows remain “resilient” but warned the near-term outlook remains uncertain.
The Dubai-based ports operator handled 20.1 million twenty-foot equivalent units (TEUs) across its global portfolio of terminals in the three month period to the end of September, DP World said on Tuesday.
“We report another robust set of throughput figures … which is once again ahead of industry growth of 1.1 per cent,” said Sultan Ahmed Bin Sulayem, group chairman and chief executive of DP World, citing consultancy firm Drewry's estimates for the industry performance.
“As expected, growth rates have decelerated due to the more challenging market conditions, but global trade continues to remain resilient, and our portfolio is expected to continue to outperform the market.”
DP World's third quarter gross volume growth was mainly driven by Asia Pacific, Middle East and Africa, the Americas and Australia.
“Encouragingly, our flagship port of Jebel Ali continues to deliver robust volumes,” Mr Bin Sulayem said.
Jebel Ali port handled 3.5 million TEUs in the third quarter, a 2 per cent increase from the same period a year earlier. The Americas and Australia registered growth of 9.3 per cent year-on-year to 3.1 million TEUs, while Asia Pacific and India's volumes grew 4.1 per cent to 9.2 million TEUs.
Mounting global macroeconomic uncertainties as a result of the Russia-Ukraine war sent commodity prices to record highs earlier this year and exacerbated inflation pressures.
Russia is a major supplier of oil, gas and metals, and, together with Ukraine, of wheat and corn. A supply crunch of these commodities has already sharply driven up prices.
In October, the International Monetary Fund cut its global economic growth forecast for 2023 to 2.7 per cent — 0.2 percentage points lower than its July forecast — and warned of a cost-of-living crisis due to the impact of the Ukraine war, broadening inflation pressures and a slowdown in China.
A slowing economy in China, the world's second largest economy, will affect global trade and activity, according to the IMF.
Supply chain woes and congestion in container shipping are becoming “more entrenched” and are affecting the global exchange of goods, according to the Kiel Institute for the World Economy.
The World Trade Organisation has revised down its forecast for global trade growth this year to 3 per cent from 4.7 per cent due to the Russia-Ukraine war. Global trade growth in 2023 is expected to be 3.4 per cent.
In the first nine months of 2022, DP World handled 59.6 million TEUs, an increase of 2 per cent year-on-year on a reported basis and 2.5 per cent higher on a like-for-like basis.
“Looking ahead, the near-term outlook remains uncertain given the geopolitical environment, inflationary pressures and currency fluctuations but we remain positive on the medium to long term outlook for global trade,” Mr Bin Sulayem said.
“Overall, given the solid nine-month volume performance, we expect to deliver an improved set of full year results.”
Global state-owned investor ranking by size
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United States
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2.
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Madrid Open schedule
Men's semi-finals
Novak Djokovic (1) v Dominic Thiem (5) from 6pm
Stefanos Tsitsipas (8) v Rafael Nadal (2) from 11pm
Women's final
Simona Halep (3) v Kiki Bertens (7) from 8.30pm
Match info
Uefa Champions League Group H
Manchester United v Young Boys, Tuesday, midnight (UAE)
