DP World said it is seeing "positive signs of progress" in its new businesses after reporting flat growth in its shipping container volumes in 2019 amid market uncertainty from trade wars and geopolitical tensions.
The Dubai-based ports operator handled 71.2 million twenty-foot equivalent units (TEUs) across its global portfolio of container terminals last year, with gross container volumes flat year-on-year on a reported basis and up one per cent on a like-for-like basis, DP World said in a statement to Nasdaq Dubai on Tuesday.
"2019 has been a challenging year with the trade war between China and US and regional geopolitics causing uncertainty in the market," Sultan bin Sulayem, group chief executive of DP World, said.
In the fourth quarter of 2019, like-for-like gross volumes increased 2.1 per cent, driven by growth in Asia Pacific and Africa, the global ports operator said.
DP World operates Dubai’s Jebel Ali port, the Middle East’s biggest trans-shipment hub, as well as Mina Rashid.
Jebel Ali handled 3.4m TEUs in the fourth quarter of 2019, a 6.2 per cent drop from the year before.
In 2019, the port handled 14.1 million TEUs, down 5.6 per cent year-on-year, which DP World blamed on a decline in low-margin cargo.
In the near-term, DP World's focus is on integrating its recent acquisitions, managing costs and disciplined investment, the company said.
"We are seeing positive signs of progress in our new businesses that give us encouragement for the future," Mr bin Sulayem said. "Overall, we remain well placed to deliver full year market expectations."
DP World has sealed a string of deals in 2019 that included buying UK transport and logistics company P&O Ferries, Indian rail logistics company Kribhco Infrastructure and Chilean ports operator Puertos y Logistica. The Dubai-based ports operator's chief executive Mr bin Sulayem told Bloomberg on January 20 that he sees growth opportunities in Africa and India.
Last month, the company said it acquired a 44 per cent share in Swissterminal Holding, a container terminal operator in Switzerland, effective from January 20.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
