Maersk to shift away from shipping

Updated 20 November 2012

Maersk to shift away from shipping

COPENHAGEN: Danish conglomerate A.P. Moeller-Maersk will no longer invest heavily in Maersk Line, the world's biggest container ship operator, and will instead focus on its oil, drilling rigs and ports units, it said yesterday.
"We will move away from the shipping side of things and go towards the higher profit generators and more stable businesses," Chief Executive Nils Andersen told the Financial Times as he announced a major shift in strategy for Maersk.
Last year, Maersk Line posted a net loss of $ 540 million, while the oil division reported a profit of $ 2.1 billion, the drilling unit earned $ 495 million and ports made $ 649 million.
Maersk's container business has been affected by a slowdown in routes between Europe and Asia, where it has cut capacity this year amid a volatile outlook for the industry.
The group said earlier this month it expected global demand for seaborne containers to rise by 3.0 percent this year, which was lower than the 4.0 percent stated in the second quarter.
Maersk Line is the group's main subsidiary, which holds 16 percent of the global market share. It said it expects a "modest positive result" this year after freight rates rose in the second half of the year.

A.P. Moeller-Maersk more than tripled its net profit to 5.15 billion kroner (690 million euros, $ 880 million) in the third quarter, somewhat lower than what analysts had expected.

Labor ministry partners with Al-Nahdi to train Saudis

Updated 26 April 2018

Labor ministry partners with Al-Nahdi to train Saudis

The Makkah region branch of the Ministry of Labor and Social Development (MLSD) has signed a nationalization agreement for the Saudi pharmacies sector with Al-Nahdi Medical Company.

The agreement covers preparing and qualifying young Saudi men and women for the labor market, by providing training programs offered by Al-Nahdi Medical Company at their school, Al-Nahdi Academy.

The signing ceremony was held in the presence of Abdallah bin Ahmed Al-Tawi, director of the Makkah region branch of the Ministry of Labor and Social Development, and Youssef Al-Harthi, who attended on behalf of Al-Nahdi Medical Company’s CEO Yasser Jawhergi.

The agreement comes under Al-Nahdi’s strategy, which is in line with the Saudi Vision 2030. Al-Nahdi aims to expand its community-health services in cooperation with the Ministry of Labor and Social Development. The company said it also aims to activate the role of the private sector in supporting Saudization programs, while creating real and sustainable opportunities for the Saudi youth to play an important role in the cultural and societal progress that the Kingdom is witnessing.

Al-Tawi said the initiative aims to enforce related decisions and programs that empower the Saudi youth to embark on their careers and enhance public-private partnerships.

“Through this agreement with Al-Nahdi company, we also seek the nationalization of the private sector in the different regions of the Kingdom, along with increasing the percentage of the national working force in the labor market by enabling effective partnerships with the private sector,” he said.

Jawahergi highlighted the importance of the agreement in light of the Kingdom’s road to national transformation. “We are committed to creating a sustainable and advantageous work environment for our citizens and society. Our goal is to achieve a real partnership between the public and private sectors, in order to support the Saudi youth of both genders, and create new nationalization opportunities,” he said.

Jawahergi added: “This initiative is considered to be one of the most important initiatives in line with the Saudi Vision 2030, as it establishes an effective and real partnership between the members of our society.”

Al-Nahdi is a Saudi retail pharmacy chain that was founded by Sheikh Abdullah Amer Al-Nahdi in 1986 as a sole proprietorship.