DP World appoints Abdulla Bin Damithan as CEO of UAE business and Jafza

DP World, one of the world biggest ports operators, has made senior management changes and appointed Abdulla Bin Damithan as chief executive and managing director of its UAE business and Jebel Ali Free Zone (Jafza).

Mr Damithan, who has been with the company for more than two decades, takes over from Mohammed Al Muallem, who has been promoted to executive vice president of DP World, the company said in a statement on Saturday.

In his new role, Mr Damithan, will expand the company's UAE business and increase its contribution to Dubai and the UAE economy.

"I am taking responsibility for a business in robust health", and looking forward to support "sustainable socio-economic growth and to cement DP World’s position as a leading smart trade enabler", Mr Damithan said.

DP World profit profit attributable to owners at group level after separately disclosed items, dropped 28.8 per cent to $846 million for the 2020 financial year, it said in March.

Mr Damithan, who was chief commercial officer for DP World UAE region, has previously led different parts of the business including ports and terminals, parks and zones and trade enablement solutions, according to the statement.

Jebel Ali Port and Jafza account for nearly a quarter of all foreign direct investment into Dubai, and support 135,000 jobs, according to Sultan Ahmed Bin Sulayem, DP World group chairman.

Mr Al Muallem, who has been with DP World for more than 38 years, will work closely with Mr bin Sulayem, overseeing the company's global operations.

He will also be responsible for DP World’s marine-based assets in the UAE, including Dubai Drydocks World, Dubai Maritime City and P&O Marinas, according to the statement.

"The new position will bring with it numerous challenges," Mr Al Muallem said.

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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Countries recognising Palestine

France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra

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