DP World gained from growth in its Europe and Australia terminals. AP
DP World gained from growth in its Europe and Australia terminals. AP

DP World container volumes surge in first half on growth in Europe



Global ports operator DP World reported an increase in first-half container volumes, bolstered by growth in its Europe and Australia terminals, despite geopolitical challenges and trade policy changes creating uncertainty in the market.

Gross container volumes grew 4.8 per cent on a reported basis in the first six months of the year compared to the same period in 2017 and 6 per cent on a like-for-like basis, DP World said in a statement on Tuesday to Nasdaq Dubai, where its shares are listed. Like-for-like basis does not include new capacity additions.

The ports operator handled 35.6 million twenty-foot equivalent units (TEUs) in the first half.

"Whilst geopolitical headwinds and recent changes in trade policies continue to pose uncertainty to the container market, first-half volume performance demonstrates that our portfolio is well positioned to deliver growth," said Sultan bin Sulayem, DP World chairman and group chief executive. "We ... still expect to see increased contributions from our new investments in the second half of the year."

DP World, which operates terminals from Peru to Vietnam, handled 18.6 million TEUs at a consolidated level in the first half, an increase of 4 per cent on a reported basis and 4.5 per cent rise on a like-for-like basis. It reported growth across all regions, led by 5.2 per cent increase in container volumes in Australia and the Americas and 5 per cent rise in Europe, Middle East and Africa. In the UAE, where it operates the Jebel Ali port, growth more or less remained flat at a 0.2 per cent increase to 7.7m TEUs year-on-year.

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Second-quarter growth decelerated compared to the same period in 2017 when it was driven by market share gains from new shipping alliances, the company said. Consolidated container volumes grew 1.5 per cent on a reported basis and 2.4 per cent on a like-for-like basis in the second quarter.

The Dubai-based company and Zhejiang China Commodities City Group last week said they will build a "Traders Market" next to the Dubai Expo 2020 site. The trading platform in the Jebel Ali free zone will include clusters of global companies in sectors ranging from household goods, building materials and food and beverage, to cosmetics, health care, energy and technology.

The announcement came amid a slew of UAE-China deals last week during Chinese president Xi Jinping's visit to Abu Dhabi.

Also last week, US president Donald Trump said he’s “ready to go” with tariffs on $500 billion of Chinese goods, about the value of all US imports from the Asian nation last year, according to a CNBC interview. His comments marked the latest twist in an escalating trade war between the US and countries that he accuses of unfair trade practises.

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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

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The specs

Engine: 2.0-litre 4-cyl turbo

Power: 247hp at 6,500rpm

Torque: 370Nm from 1,500-3,500rpm

Transmission: 10-speed auto

Fuel consumption: 7.8L/100km

Price: from Dh94,900

On sale: now

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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.”

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

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In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

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