DP World discusses trade investment in UK post-Brexit

DP World discusses trade investment in UK post-Brexit
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DP World Group Chairman Sultan Ahmed bin Sulayem addressed the House of Commons and the House of Lords about trade investment after the UK exits the European Union. (Twitter/@DXBMediaOffice)
DP World discusses trade investment in UK post-Brexit
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DP World Group Chairman Sultan Ahmed bin Sulayem addressed the House of Commons and the House of Lords about trade investment after the UK exits the European Union. (Twitter/@DXBMediaOffice)
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Updated 20 November 2020

DP World discusses trade investment in UK post-Brexit

DP World discusses trade investment in UK post-Brexit
  • Sulayem says free zones can be the step up countries need
  • He says COVID-19 has shown that ports must do more than handle and move cargo

LONDON: DP World has offered its continued commitment to invest in Britain’s trade and logistics infrastructure after it exits the EU.
Addressing the House of Commons and the House of Lords, DP World Group Chairman Sultan Ahmed bin Sulayem shared his view on how “free zones can be the step up countries need, from emerging markets to more established economies, to stay resilient and drive growth in the post-COVID trade economy.”
He said: “We know this from the successes we’ve seen at the Jebel Ali Free Zone in Dubai, which allows 100 percent foreign ownership, 0 percent import or re-export duties, 0 percent personal income tax, no currency restrictions, no restriction on foreign talent and no restriction on capital repatriation. This has helped the city rely less on its natural resources and become the largest industrial zone in the region, facilitating trade worth more than $93 billion annually and benefiting more than 560 companies from 70 countries.”

He also referred to the Caucedo marine terminal and free zone that DP World established in the Dominican Republic, which has “enabled the country to emerge as a strong competitor in international markets, helping to serve as a roadmap for its neighbors and the region.”
Bin Sulayem said DP World has made the most significant investments in the UK outside the UAE, with over £2 billion ($2.66 billion) in jobs and technology over the past decade at London Gateway, its Southampton port, and P&O Ferries, among others.
“We are ready to help the UK rise to the challenges and opportunities of leaving the EU, whatever the outcome of the negotiations,” Bin Sulayem said in a tweet following the briefing.
“The potential power of free zones is particularly strong in ‘shovel ready’ markets, where our existing sites are primed for expansion into even more sophisticated economic and logistics zones, like our London Gateway terminal on the River Thames estuary. Over the next 10 years, we’ve earmarked around £1 billion for investment into the site,” he added.
But he said the UK cannot aim for the same trade ambitions as other countries as over the last four decades all of its trade has been negotiated through the EU, and must therefore adapt to become an independent global trader post-Brexit.

“Regardless of whether you view the UK’s previous trade-bloc membership as a help or hindrance, the country now has an opportunity to position itself as a key player in the post-COVID trade economy,” Bin Sulayem added.
“The need for focused, sophisticated and business-friendly trade zones has never been greater as companies look for new ways of getting closer to their customers, optimizing their trade flows, attracting inward investments and diversifying into new trade markets.”
He said the pandemic has shown that ports must do more than merely handle and move cargo.
He added that companies are seeking shorter supply chains and diversified routes, which are done through sophisticated economic and logistics zones surrounding a port or terminal.
“Free zones aren’t a universal remedy, but a critical component in how countries can diversify their trade flows and opportunities for inbound investment,” he said.


Saudi Arabia's Net Zero goals are important developments since Paris agreement: John Kerry

Saudi Arabia's Net Zero goals are important developments since Paris agreement: John Kerry
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Updated 18 sec ago

Saudi Arabia's Net Zero goals are important developments since Paris agreement: John Kerry

Saudi Arabia's Net Zero goals are important developments since Paris agreement: John Kerry
  • He said no government in the world has the money to fight climate actions alone

RIYADH: Saudi Arabia’s nationally determined contributions and net zero carbon goals are important developments since the Paris agreement John Kerry, U.S. Special Presidential Envoy for Climate, has told delegates at the Middle East Green Initiative.

The Paris Agreement is a legally binding international treaty on climate change signed at COP 21 in Paris, on 12 December 2015

He said as a result of US diplomatic efforts, many countries are now taking bolder climate actions.

Science is playing a bigger role today in shaping climate actions, he said.

“This is the biggest market opportunity the world has known with 4 to 5 billion users. I see trillion dollars to be invested" in the energy transition market opportunities, he added.

He said no government in the world has the money to fight climate actions alone, and countries need the private sector to support these efforts.

He highlighted that the global financial industry is helping tens of trillion of dollars to be moved into the energy transition market.

He warned that countries must work to reduce emissions in the next 10 years.

“Action to combat climate change must be accelerated,” he said.


More investment needed to make green companies the next Facebook or Google, says BlackRock CEO

More investment needed to make green companies the next Facebook or Google, says BlackRock CEO
Updated 27 min 1 sec ago

More investment needed to make green companies the next Facebook or Google, says BlackRock CEO

More investment needed to make green companies the next Facebook or Google, says BlackRock CEO

RIYADH: Environmentally-focused start-ups will make up the next thousand ‘unicorn’ businesses, billionaire businessman Larry Fink has told the Middle East Green Initiative Summit.

The head of US asset management giant BlackRock told delegates at the forum in Riyadh it will be firms producing environmentally-friendly goods and systems that will become the next billion dollar companies  — the threshold for being dubbed a ‘unicorn’.

Fink said governments, financial service companies and multinational institutions need to work together to achieve a net-zero world, as he talked up the role of private sector investment in hitting this target.

Speaking at the event, which is attended by leading figures including the US Climate Change envoy John Kerry, Fink said clean technologies and fuel are more expensive than conventional energy sources due to a “Green Premium".

“To bring down this Green Premium we need to be serious about attracting private capital for technology and technology revolution,” he added.


UK PM Johnson follows Saudi Crown Prince's lead urging 'further faster' action on climate change

UK PM Johnson follows Saudi Crown Prince's lead urging 'further faster' action on climate change
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Updated 35 min 37 sec ago

UK PM Johnson follows Saudi Crown Prince's lead urging 'further faster' action on climate change

UK PM Johnson follows Saudi Crown Prince's lead urging 'further faster' action on climate change
  • Prime Minister Johnson also praised Saudi Arabia’s commitment to plant 10 billion trees

UK Prime Minister Boris Johnson has reiterated the sentiments of the Crown Prince Mohammed bin Salman bin Abdulaziz at the original announcement of Saudi Green Initiative, saying the world must go “further and faster” to combat climate change by the middle of the century.

In a statement to the inaugural Middle East Green Initiative Summit in Riyadh, Prime Minister Johnson said: “This is a region rich in history - the birthplace of the alphabet, algebra, coffee, the will and much of our civilization. But for many, the region has become most synonymous with fossil fuels. There is now a chance for a new chapter in the history of your region.”

“We must go further and faster if we are to limit the increasing global temperature, and take the necessary action to protect people and nature from the effects of climate change.”

Prime Minister Johnson also praised Saudi Arabia’s commitment to plant 10 billion trees, and the wider regional commitment to plant 50 billion trees highlighted earlier by HRH the Crown Prince Mohammed bin Salman bin Abdulaziz.

Prime Minister Johnson said: “This inaugural conference tackles the latter two head-on - cash and trees. 10 billion trees to be precise in Saudi Arabia, and 50 billion total across the region. That, my friends, is a lot of trees, and I hope you will match that outstanding level of ambition across all areas where action is needed.”

Earlier, the Crown Prince announced a series of regional programs for climate action to an audience of dozens of heads of state at the event. On Saturday, the Crown Prince also revealed that Saudi Arabia is aiming to achieve net zero emissions by 2060 through the Carbon Circular Economy approach.

The Middle East Green Initiative called for intensifying coordination and joint action to preserve and develop the importance of the environment and vegetation cover in Africa, in addition to establishing the Green Initiative Foundation as an independent non-profit entity to support the summit and raise the level of coordination.


Luxury Eco residential complex deal for Saudi Arabia's Taif region

Luxury Eco residential complex deal for Saudi Arabia's Taif region
Updated 44 min 12 sec ago

Luxury Eco residential complex deal for Saudi Arabia's Taif region

Luxury Eco residential complex deal for Saudi Arabia's Taif region
  • The new project will offer premium residential units ranging from apartments, villas, and townhouses

Riyadh - A deal to develop a premium residential project in the governorate of Taif in the Southwest of Saudi Arabia has been agreed between two real estate developers in the Kingdom.

Dar Al-Arkan Real Estate Development Co. has signed a joint agreement with Madinat Al Wouroud Housing Development company to develop the SR3.7 billion ($986m) project on an area of 1 million sqm while 'preserving the topography and unique environmental features of Taif', a statement by the company said.

The development of the new residential project is due to begin in the first quarter of 2022 and is expected to be completed within four years.

The new project will offer premium residential units ranging from apartments, villas, and townhouses in addition to a variety of commercial facilities and amenities. 

The project is aimed at existing residents of Taif and the surrounding area, but will also be marketed at Saudi citizens across the Kingdom as a key destination for the summer tapping into the lucrative second-home market.


Yousef Al Shelash, chairman, Dar Al-Arkan said: "We expect to see high demand for this project in one of the most desirable cities in the Kingdom and Saudi Arabia's unofficial summer capital to enjoy the milder climate, it’s natural beauty and annual cultural festivals."


Saudi-Japan trade boost with MoU

Saudi-Japan trade boost with MoU
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Updated 25 October 2021

Saudi-Japan trade boost with MoU

Saudi-Japan trade boost with MoU
  • It would also create “financial solutions that further facilitate export/import deals and projects pertaining to Saudi-Japanese trade”

Saudi Export Import Bank (Exim) has signed a MoU with Sumitomo Mitsui Banking Corporation (SMBC) to increase the provision of financial tools for both Saudi and Japanese importers and exporters.

Exim, a subsidiary of the National Development Fund, added that SMBC will get involved in joint financing and the development of trade, export and project finance transactions, provide credit lines to buyers, explore securitization or letters of credit to creditworthy Saudi exporters and Japanese importers.

It would also create “financial solutions that further facilitate export/import deals and projects pertaining to Saudi-Japanese trade”, a statement by Exim said.

SMBC added this MoU was part of the bank’s effort to be involved on a global level for Saudi exporters, increase Saudi exports through strategic partnerships with national and international financial institutions, build national lending and credit capabilities using expertise provided by the Japanese institution, and bolster Saudi EXIM’s own lending and credit assets to help national exporters.

Saad Alkhalb, Chief Executive Officer of Saudi EXIM, said of the MoU, “This should boost the competitiveness of Saudi products, increase the non-petroleum share of the gross domestic product, and create a more diverse alternative economy.”