DP World chairman: 2019 will be challenging for ports operator

Ahmed bin Sulayem, CEO of DP World, during the unveiling of the DP World CargoSpeed in Dubai on April 29, 2018. Bin Sulayem said the US-China trade dispute had created uncertainty in the market. (AFP)
Updated 03 February 2019
0

DP World chairman: 2019 will be challenging for ports operator

  • The US-China trade dispute had created uncertainty in the market

DUBAI: The chairman of Dubai’s DP World said on Sunday the port operator was facing a challenging 2019 and the US-China trade dispute had created uncertainty in the market.
Sultan Ahmed bin Sulayem said he expected both sides to reach an agreement and that the company would be able to cope, whatever happened with US-China trade negotiations.


Hyundai invests $300 million to help India’s Ola battle Uber

Ola was launched in 2011 and is engaged in an aggressive battle with Uber in India’s ride-hailing market. (Reuters)
Updated 5 min 16 sec ago
0

Hyundai invests $300 million to help India’s Ola battle Uber

  • Ola was launched in 2011 and is engaged in an aggressive battle with Uber in India’s ride-hailing market
  • Ola says it handles around a billion rides a year across India’s major centers

MUMBAI: Indian taxi-hailing company Ola has secured a $300-million investment from South Korean car giant Hyundai, the firms said Tuesday, providing a major boost in its fight against US giant Uber.
Ola was launched in 2011 and is engaged in an aggressive battle with Uber in India’s ride-hailing market, which is estimated to be worth around $10 billion and growing fast.
The new money, from Hyundai’s subsidiary Kia Motors, will largely be used to help Ola increase its electric vehicle fleet, the companies said in a joint statement.
“Our partnership with Ola will certainly accelerate our efforts to transform into a smart mobility solutions provider,” Hyundai executive vice chairman Chung Eui-sun said in the statement.
Bangalore-based Ola announced last year that it planned to put a million electric vehicles on India roads by 2021.
Ride-hailing apps are booming in the country despite stiff opposition from traditional taxi firms and some initial concerns about passenger safety.
Ola says it handles around a billion rides a year across India’s major centers, as well as seven cities in Australia.
In 2018, Ola also announced operations in Britain as part of a drive into other markets as competition with Uber intensifies on home turf.