Dubai’s DP World to work with Israeli firm in bid for Haifa Port

Haifa, which is one of the major ports on Israel’s Mediterranean coast, will need to be upgraded as it faces competition from a nearby rival being built by a Chinese group. (Reuters)
Short Url
Updated 17 September 2020

Dubai’s DP World to work with Israeli firm in bid for Haifa Port

  • The two companies are in talks about opening a direct shipping line between Jebel Ali and Eilat

JERUSALEM: Dubai’s DP World is partnering with an Israeli group to bid for one of Israel’s two main ports and to examine opening a direct shipping line between the two Middle East states, it said on Wednesday.

The announcement came a day after Israel and the United Arab Emirates signed a historic agreement to normalize ties, and marks a big development in trade and economic collaboration.

Dubai state-owned DP World, which operates ports from Hong Kong to Buenos Aires, signed a series of agreements with Israel’s DoverTower, including a joint bid in the privatization of Haifa Port on the Mediterranean, one of Israel’s two main sea terminals.

“Israel has two ports, the port of Ashdod and the port of Haifa. They are strong ports in excellent locations. If there is an opportunity, there is nothing to prevent us from having a presence there,” DP World chairman Sultan Ahmed bin Sulayem told Arabiya TV.

DoverTower is owned by Israeli businessman Shlomi Fogel, a shareholder in Israel Shipyards and a partner in the Eilat port.

Fogel said as a result of the deal, DP World will collaborate with Israel Shipyards on the joint venture that will participate in the tender for the Haifa privatization.

DP World and DoverTower said they will also examine opening a direct shipping line between the Red Sea port of Eilat and Dubai’s Jebel Ali, the Middle East’s largest transshipment hub.

“Our work to build trade routes between the UAE, Israel and beyond will help our customers to do business in the region more easily and efficiently,” bin Sulayem said.

Israel is selling its state-owned ports and building new private docks in an effort to encourage competition and bring down costs.

Haifa Port will need to be upgraded to compete with a modern one being built in the area by China’s Shanghai International Port Group.

Israel Shipyards and Dubai’s Drydocks World will also examine partnering in producing and marketing products in Dubai.


Saudi Arabia to host ‘virtual’ G20 meeting on oil markets

Updated 27 September 2020

Saudi Arabia to host ‘virtual’ G20 meeting on oil markets

  • Energy ministers will also discuss plans for ‘green’ economic recovery from ravages of coronavirus pandemic

DUBAI: Energy ministers from the G20 countries under the presidency of Saudi Arabia will meet virtually on Sunday to discuss volatile oil markets and plans for a “green” recovery from the economic shock of the COVID-19 pandemic.

The Kingdom is strongly backing a “circular carbon economy” strategy to remove harmful greenhouse gas emissions from the atmosphere.

The two-day event is the second time this year that energy policymakers have come together, following the historic meeting last April that helped stabilize crude markets in meltdown.

Markets have since recovered and the price of benchmark Brent crude has more than doubled, but doubts about their resilience have resurfaced amid fears of a “second wave” of economic lockdowns.

Prince Abdul Aziz bin Salman, the Saudi energy minister and chairman of the G20 event, has highlighted the need for tight discipline by members of the OPEC+ oil producers’ alliance to combat market “uncertainty.” 

“If we are serious about mitigating the impact of the shock and navigating through these extraordinary times, this is our only path,” he said.

The G20 said ministers would discuss ways to “strengthen collaboration toward market stability and security and discuss promoting and advancing sustainable energy systems through the Circular Carbon Economy platform,” and address “advancing universal access to energy and clean cooking for all.”

There is consensus on the need to mitigate harmful emissions, but some European countries and nongovernmental organizations are believed to be pressing for a stronger stance on fossil fuels.

The Saudi strategy, supported by the US and Russia, is for a more inclusive stance on hydrocarbon resources, while simultaneously promoting renewable sources such as solar and wind.