Abu Dhabi’s US$7 billion Khalifa Port is on track to complete marine works by the second quarter of next year in an expansion project to accommodate a new terminal that will be managed by China’s Cosco Shipping Ports.
Abu Dhabi Ports, the operator of Khalifa Port, last year signed a 35-year concession agreement with Cocso to operate a new $700 million terminal that will add 2.4 million twenty-foot equivalent units (TEUs) a year to the port’s existing capacity of 2.5 million TEUs.
Abu Dhabi Ports, which is also deepening the port to receive the biggest ships, has completed 75 per cent of dredging work, which is due to be completed by the end of this year. It did not disclose the cost of the expansion project yesterday.
“The expansion underway will ensure the port can accommodate anticipated growth in the short to medium term and handle the world’s largest ships in the long term, increasing the competitiveness of the emirate as a logistics and maritime hub, while also serving key industries across the UAE,” said Juma Al Shamisi, the chief executive of Abu Dhabi Ports.
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Read more:
Abu Dhabi Ports signs major agreement with Chinese to develop KIzad space
China’s Cosco to build and operate new container terminal at Khalifa Port
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The expansion is part of ambitious plans for Khalifa Port, which replaced Abu Dhabi’s 1960s-built Port Zayed as the city’s main container port in December 2012. Khalifa Port will have the projected capacity to handle 15 million TEUs a year by 2030.
Abu Dhabi Ports, which also operates Khalifa Industrial Zone Abu Dhabi (Kizad), is expanding its operations in the UAE as part of efforts to diversify the economy away from oil.
Last month, Abu Dhabi Ports signed a 50-year agreement with the Chinese Jiangsu Provincial Overseas Cooperation and Investment Company that will attract estimated investments of Dh1.1bn to the Khalifa Port Free Trade Zone.
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Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
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Stuck in a job without a pay rise? Here's what to do
Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.
“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”
Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.
Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.
“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”
For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.
“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”
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Starring: Lupita Nyong'o, Winston Duke, Shahadi Wright Joseqph, Evan Alex and Elisabeth Moss
Rating: 4/5
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ACL Elite (West) - fixtures
Monday, Sept 30
Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)
Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)
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Name: Hassan Mohsen Elhais
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