DP World successfully closed the $315.7 million (Dh1.16 billion) acquisition of Cosmos Agencia Marítima in Peru as the world’s fourth-biggest port operator continues to consolidate its position in the Latin American market.
“Latin America is a very important market for us and this move adds value for our customers in the region,” DP World group chairman and chief executive, Sultan Ahmed bin Sulayem, said. “The acquisition underlines the confidence we have in Peru and the potential of its economy.”
In March, the Dubai-listed company announced an agreement with Andino Investment Holding to fully acquire logistics services business Cosmos. The deal includes 100 per cent of the shares in Triton Transports and Neptunia, and 50 per cent stake in Terminales Portuarios Euroandinos in the Port of Paita, which is the second largest container terminal in Peru, according to a DP World statement.
The move is in line with the company’s plans to expand its geographical footprint and consolidate its presence in strategic markets. DP World in March also partnered with India’s government-controlled National Investment and Infrastructure Fund to buy a majority stake in an Indian logistics and warehousing firm, as part of $3 billion spending plans for Asia’s third-largest economy.
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Read more:
[ DP World expands global footprint with acquisitions in Peru and India ]
[ DP World partners with infrastructure fund to invest $3bn in India ]
Exclusive: DP World to maintain about $1bn capex for next three years
DP World snaps up remainder of Brazil’s Embraport
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DP World, which last year acquired two state-owned maritime entities in Dubai for $405m, is looking to diversify its revenue stream by expanding into businesses related to its core ports operations. The company expects to spend about $1bn every year for the next three years as it boosts investments, adds capacity and acquires new assets in the UAE and beyond, Mr bin Sulayem told The National in January.
The acquisition in Peru will give DP World a firmer foothold in the market by adding another container terminal to the existing terminal at Callao as well as integrated logistics services including warehousing, distribution and cargo handling.
“The acquisition diversifies the revenue of our business through a wider range of logistics services,” Gerard van den Heuvel, the CEO of DP World Peru, said. “We already operate the largest container facility in the country in Callao …. and this [deal] will enhance our services even further.”
As part of solidifying its presence in South American markets, the Nasdaq Dubai-listed company snapped up a further 66.67 per cent stake in Brazil’s Empresa Brasileira de Terminais Portuários (Embraport) in December, making it the sole owner of the largest private multi-modal port terminal in Latin America's largest container port.
It already held a stake in Embraport through a partnership with Brazil-based Odebrecht Transport, but bought its partner out following approvals from Brazil’s anti-trust regulator.
Ecuador is the next South American market on the company’s radar, it said in April. Aside from its UAE home market, South Korea, Mozambique and Egypt are among the other key jurisdictions where the port operator plans to invest during the course of the 2018.
DP World remains on track to expand this year after first-quarter volumes increased, despite some volatility, on the back of geopolitical headwinds in some regions where it operates, Mr bin Sulayem, said in April. “We still expect to grow ahead of the market and see increased contributions from our new investments.”
The company, reported consolidated throughput rise of 6.6 per cent to 9.2 million twenty-foot equivalent container units at its terminals during the first three months of the year. Gross container volumes increased 7.3 per cent on a reported basis to 17.6 million TEUs, compared with 16.4 million a year earlier, led by growth in Europe, Middle East and Africa.
However, despite good showing in Africa, the state-owned company has faced a series of difficulties in its African operations this year where it became involved in legal challenges to its investments in Djibouti and Somaliland. That hasn’t deterred DP World from investing in Africa, where it remains bullish on the market’s growth potential. It announced in March it would invest $1.2bn in the deep-water Port of Banana in the Democratic Republic of Congo.
COMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
Credits
Produced by: Colour Yellow Productions and Eros Now
Director: Mudassar Aziz
Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana
Star rating: 2.5/5
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
A QUIET PLACE
Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou
Director: Michael Sarnoski
Rating: 4/5
The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
UAE currency: the story behind the money in your pockets
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
JUDAS AND THE BLACK MESSIAH
Directed by: Shaka King
Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons
Four stars
COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
Test series fixtures
(All matches start at 2pm UAE)
1st Test Lord's, London from Thursday to Monday
2nd Test Nottingham from July 14-18
3rd Test The Oval, London from July 27-31
4th Test Manchester from August 4-8
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
Conservative MPs who have publicly revealed sending letters of no confidence
- Steve Baker
- Peter Bone
- Ben Bradley
- Andrew Bridgen
- Maria Caulfield
- Simon Clarke
- Philip Davies
- Nadine Dorries
- James Duddridge
- Mark Francois
- Chris Green
- Adam Holloway
- Andrea Jenkyns
- Anne-Marie Morris
- Sheryll Murray
- Jacob Rees-Mogg
- Laurence Robertson
- Lee Rowley
- Henry Smith
- Martin Vickers
- John Whittingdale
liverpool youngsters
Ki-Jana Hoever
The only one of this squad to have scored for Liverpool, the versatile Dutchman impressed on his debut at Wolves in January. He can play right-back, centre-back or in midfield.
Herbie Kane
Not the most prominent H Kane in English football but a 21-year-old Bristolian who had a fine season on loan at Doncaster last year. He is an all-action midfielder.
Luis Longstaff
Signed from Newcastle but no relation to United’s brothers Sean and Matty, Luis is a winger. An England Under-16 international, he helped Liverpool win the FA Youth Cup last season.
Yasser Larouci
An 18-year-old Algerian-born winger who can also play as a left-back, Larouci did well on Liverpool’s pre-season tour until an awful tackle by a Sevilla player injured him.
Adam Lewis
Steven Gerrard is a fan of his fellow Scouser, who has been on Liverpool’s books since he was in the Under-6s, Lewis was a midfielder, but has been converted into a left-back.
The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
Dengue fever symptoms
High fever (40°C/104°F)
Severe headache
Pain behind the eyes
Muscle and joint pains
Nausea
Vomiting
Swollen glands
Rash
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
MATCH INFO
Norwich 0
Watford 2 (Deulofeu 2', Gray 52')
Red card: Christian Kabasele (WatforD)
More from Neighbourhood Watch:
'Laal Kaptaan'
Director: Navdeep Singh
Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
Rating: 2/5
UAE and Russia in numbers
UAE-Russia ties stretch back 48 years
Trade between the UAE and Russia reached Dh12.5 bn in 2018
More than 3,000 Russian companies are registered in the UAE
Around 40,000 Russians live in the UAE
The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023
The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
'Texas Chainsaw Massacre'
Rating: 1 out of 4
Running time: 81 minutes
Director: David Blue Garcia
Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham
The specs
Engine: Single front-axle electric motor
Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
On sale: September
THREE
Director: Nayla Al Khaja
Starring: Jefferson Hall, Faten Ahmed, Noura Alabed, Saud Alzarooni
Rating: 3.5/5
COMPANY PROFILE
Name: DarDoc
Based: Abu Dhabi
Founders: Samer Masri, Keswin Suresh
Sector: HealthTech
Total funding: $800,000
Investors: Flat6Labs, angel investors + Incubated by Hub71, Abu Dhabi's Department of Health
Number of employees: 10
Charlotte Gainsbourg
Rest
(Because Music)
88 Video's most popular rentals
Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
EXPATS
Director: Lulu Wang
Stars: Nicole Kidman, Sarayu Blue, Ji-young Yoo, Brian Tee, Jack Huston
Rating: 4/5
RESULT
Huddersfield Town 1 Manchester City 2
Huddersfield: Otamendi (45'+1 og), van La Parra (red card 90'+6)
Man City: Agüero (47' pen), Sterling (84')
Man of the match: Christopher Schindler (Huddersfield Town)
THE DETAILS
Kaala
Dir: Pa. Ranjith
Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar
Rating: 1.5/5
