Trade tensions will make 2019 challenging, says DP World chief

Freight containers on a container ship at DP World Southampton. The head of the ports operator said the psychological impact of US-China trade tensions were starting to translate into reality. (Reuters)
Updated 18 November 2018

Trade tensions will make 2019 challenging, says DP World chief

DUBAI: Global ports operator DP World believes international trade tensions such as those between the US and China will make 2019 challenging but not unmanageable, its chairman said on Sunday.
The Dubai government-controlled ports operator cautioned in August about geopolitical risks and changes in trade policies as first-half profit fell 2.1 percent.
DP World Chairman Sultan Ahmed bin Sulayem told Reuters he believed the psychological impact of trade tensions involving the US were starting to translate into reality.
Financial institutions were becoming increasingly cautious and taking measures such as tightening lending in reaction to trade tensions, he said in an interview at the DP World Tour Championship golf tournament in Dubai.
That is likely to have a negative impact on growth in emerging markets, he said.

 

 DP World, one of the world’s largest port operators, was taking measures to reduce costs, and is addressing how it will manage a challenging 2019, said bin Sulayem.
“We are finding ways to make sure that we do well in 2019,” he said. He declined to comment when asked if the company would report a higher profit this year.
“Historically, we have managed worse scenarios than this,” he said of global market conditions, adding that DP World had reached its goals in 2018.
DP World is in a dispute with the government of Djibouti, which in February seized a port in the country operated by the Dubai company under a 50-year concession.
Bin Sulayem repeated a denial that the government of Djibouti has offered to buy DP World’s stake in the concession. He said he asked them to make an offer in January.
They have not taken “any measures to contact us,” he said.
DP World has also launched legal proceedings in Hong Kong against China Merchants over allegations they have infringed on their concession rights in Djibouti, he said.

FASTFACTS

BACKGROUND

Trade tensions were evident in Papua New Guinea on Sunday when Asia-Pacific leaders failed to agree on a communique at a summit for the first time in their history as deep divisions between the US and China over trade and investment stymied cooperation.


Getting more women into leadership positions top priority: CEO

This June 23, 2018 photo, shows a general view of Riyadh, Saudi Arabia. (AP)
Updated 18 January 2020

Getting more women into leadership positions top priority: CEO

  • Saudi Arabia is focusing on the Business 20 (B20), making this one of the key engagement groups. Women in Business will be Saudi Arabia’s signature topic

RIYADH: The boss of one of Saudi Arabia’s biggest banks says that getting more women into leadership positions is a top priority.
Samba CEO Rania Nashar chairs the action council for Women in Business created by the Business Twenty (B20), which is the official G20 dialogue with the business community. It represents the global business community across all G20 member states and all economic sectors.
She said the council was set up to boost women’s particpation not only in business but also in global leadership positions.
During the launch of the B20 in Saudi Arabia this week, Nashar highlighted the under-representation of women in the economy.
“There is a gap of 27 percent between male and female workers; 75 percent of males are part of the labor force while only 48 percent of females are working,” she said.
She said it was important not to just talk about women as workers but as business owners.

FASTFACT

Saudi Arabia will host the 15th G20 Summit in Riyadh on Nov. 21-22, 2020.

“That’s why entrepreneurship is very fundamental to our task force,” she said.  “The majority of the finance development programs have incentives for giving loans to females; however, despite the fact that many large borrowers are females, the amount of loans granted to them is far below what is granted to males,” she added.
Nashar said that two-thirds of female business founders feel that they were not taken seriously by investors when they pitch for investments. They also feel that they are treated differently from their male counterparts.
Saudi Arabia will host the 15th G20 Summit in Riyadh on Nov. 21-22, 2020. The Kingdom is focusing on the Business 20 (B20), making this one of the key engagement groups. Women in Business will be Saudi Arabia’s signature topic.