Port operator DP World's logo seen in Jebel Ali port. The company said it started work on a deep water port in Congo after reviewing terms in the contract. Reuters
Port operator DP World's logo seen in Jebel Ali port. The company said it started work on a deep water port in Congo after reviewing terms in the contract. Reuters
Port operator DP World's logo seen in Jebel Ali port. The company said it started work on a deep water port in Congo after reviewing terms in the contract. Reuters
Dubai-based ports operator DP World will start development of a greenfield deepwater port in the Democratic Republic of Congo, following amendments to the initial contract between the company and the government.
A term sheet summarising the contract changes followed a review by the two parties of some existing clauses in the agreement signed three years ago, DP World said in a statement on Sunday.
"The objective of the amendments was to readjust the different obligations of the two parties under the project" to better support the country's plans to develop its trade and logistics sector, DP World said, without specifying the changes.
In March 2018, DP World was awarded a 30-year concession to develop and manage the $1 billion Banana Port along the DRC's Atlantic coast in a joint venture with the government. Construction was scheduled to start in 2018 and finish in 24 months, the company said at the time.
“The signing of the term sheet is a key milestone in the partnership between DP World and the government of the DRC in moving forward with the project," Suhail AlBanna, chief executive and managing director of DP World for Middle East and Africa region, said.
The development of the Banana Port –which is expected to take two years – will lead to significant cost and time savings, attract more direct calls from larger vessels from Asia and Europe, boost the DRC's economy and stimulate the region's growth, the ports operator said.
The latest agreement between the government and the company on the amended clauses reflects DRC president Félix Tshisekedi's aim "for a contract that takes into account the interests of the Democratic Republic of the Congo, which is now the case", André Wameso, deputy chief of staff to the head of state in charge of economic and financial matters, said.
The project will be the DRC’s first deep sea port along its 37 kilometre coastline on the Atlantic ocean.
Separately, DP World said on Sunday it is set to introduce its wholesale e-commerce platform Dubuy.com in Ethiopia, after it was first made available in Rwanda.
"This technology allows home-grown businesses to become international manufacturers and exporters by linking them with new markets in Africa and the rest of the world," Mahmood Al Bastaki, chief operating officer of Dubai Trade World, said.
DP World and its partners plan to invest up to $1bn over the next 10 years to develop supply chain infrastructure along the corridor, the company said earlier this month. This will include dry ports, silos, warehouses, container yards, cool and cold chain depots, freight forwarding and clearing activities, the company said.
DP World's agreement with the Ethiopian government also proposes that the two entities establish a joint venture logistics company to carry out logistics operations from origin to destination. DP World will offer export services from origin in Ethiopia to Berbera Port and will also provide import services from the port of loading to the delivery of shipments.
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
Porsche Taycan Turbo specs
Engine: Two permanent-magnet synchronous AC motors
T20s 52; Runs 1,456; 100s 1; 50s 7; Avg 31.65; Best 116 not out
The studios taking part (so far)
Punch
Vogue Fitness
Sweat
Bodytree Studio
The Hot House
The Room
Inspire Sports (Ladies Only)
Cryo
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.”
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Warner 151 not out, Burns 97, Labuschagne 55 not out
Pakistan 240
Shafiq 76, Starc 4-52
Men’s singles
Group A: Son Wan-ho (Kor), Lee Chong Wei (Mas), Ng Long Angus (HK), Chen Long (Chn) Group B: Kidambi Srikanth (Ind), Shi Yugi (Chn), Chou Tien Chen (Tpe), Viktor Axelsen (Den)
Women’s Singles
Group A: Akane Yamaguchi (Jpn), Pusarla Sindhu (Ind), Sayaka Sato (Jpn), He Bingjiao (Chn) Group B: Tai Tzu Ying (Tpe), Sung Hi-hyun (Kor), Ratchanok Intanon (Tha), Chen Yufei (Chn)
Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Scoreline
Switzerland 5
Motori Profile
Date started: March 2020
Co-founder/CEO: Ahmed Eissa
Based: UAE, Abu Dhabi
Sector: Insurance Sector
Size: 50 full-time employees (Inside and Outside UAE)
Stage: Seed stage and seeking Series A round of financing
Investors: Safe City Group
Dubai Rugby Sevens
November 30, December 1-2
International Vets
Christina Noble Children’s Foundation fixtures
Thursday, November 30:
10.20am, Pitch 3, v 100 World Legends Project
1.20pm, Pitch 4, v Malta Marauders
Friday, December 1:
9am, Pitch 4, v SBA Pirates
AUSTRALIA SQUAD
Aaron Finch (captain), Ashton Agar, Alex Carey, Pat Cummins, Glenn Maxwell, Ben McDermott, Kane Richardson, Steve Smith, Billy Stanlake, Mitchell Starc, Ashton Turner, Andrew Tye, David Warner, Adam Zampa
