DP World first-half profit dips 2.1%

DP World said it posted a net profit attributable to owners of the company of $593 million in the first half of the year. (Reuters)
Updated 16 August 2018
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DP World first-half profit dips 2.1%

  • ‘The near-term trade outlook remains uncertain with recent changes in trade policies and geopolitical headwinds in some regions continuing to pose uncertainty to the container market’
  • DP World recently won a 30-year concession for the management and development of a port project at Banana in the Democratic Republic of the Congo

DUBAI: DP World, one of the world’s biggest port operators, posted a 2.1 percent drop in first-half net profit on Thursday, and cautioned about geopolitical risks and recent changes to trade policies.
US President Donald Trump is taking a more aggressive, protectionist posture on trade than his recent predecessors, sparking retaliatory measures from other countries such as China.
“The near-term trade outlook remains uncertain with recent changes in trade policies and geopolitical headwinds in some regions continuing to pose uncertainty to the container market,” said the company’s chairman and chief executive, Sultan Ahmed bin Sulayem.
“However, the robust financial performance of the first six months also leaves us well placed for 2018 and we expect to see increased contributions from our recent investments in the second half of the year,” he said in a statement.
Lower export orders and car sales are likely to slow world trade growth in the third quarter, the World Trade Organization said recently, as a global tariff crusade by Trump to protect American jobs begins to bite.
DP World said it posted a net profit attributable to owners of the company of $593 million in the first half of the year, compared to $606 million during the same period a year earlier.
Cash from operating activities was recorded at $979 million in the first half, slightly lower than $1.0 billion a year earlier.
The port operator said capital expenditure guidance for 2018 remains unchanged at up to $1.4 billion with investments planned in the United Arab Emirates, Posorja (Ecuador), Berbera (Somaliland), Sokhna (Egypt) and London Gateway.
DP World recently won a 30-year concession for the management and development of a port project at Banana in the Democratic Republic of the Congo, which currently has no direct deep-sea port despite being Africa’s third-most populous country.


Saudi real estate valuers to benefit from RICS’ stamp of approval

Updated 31 min 45 sec ago
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Saudi real estate valuers to benefit from RICS’ stamp of approval

  • Deal to open up new opportunities in the Saudi market for chartered surveyors
  • RICS has accredited at least 118,000 professionals working in the development and management of land, real estate, construction and infrastructure

LONDON: Real estate valuers in Saudi Arabia are set to have their industry credentials further boosted following a preliminary agreement signed with the UK-headquartered Royal Institution of Chartered Surveyor (RICS).
Under the terms of the memorandum of understanding [MoU), members of the Saudi Authority for Accredited Valuers (Taqeem) are to benefit from training courses and qualifications approved by RICS.
RICS has accredited at least 118,000 professionals working in the development and management of land, real estate, construction and infrastructure.
It is expected the newly formed partnership will see the two parties work together to ensure their members reach internationally recognized standards of valuation which will bring greater transparency to Saudi Arabia’s property market and help boost investor confidence in the sector.
“Ths MoU paves the way to an agreement that recognizes Taqeem real estate designated members as RICS members after mapping educational, experience and membership requirements of each respective organizations,” said Sultan Al Jorais, Secretary General of Taqeem in a statement on Sept 24.
The Taqeem real estate training program will be considered as a RICS ‘approved’ and ‘fit for purpose’ course, he said, while RICS chartered valuers are also set to be granted interim membership of Taqeem.
“We believe that this MoU also provides a great opportunity for RICS qualified members to enter the Saudi market which will add value to the profession,” said Al Jorais.